According to them, the worsening of macroeconomic indicators, the depreciation of the national currency and the negative international context were the main reasons for the decline registered on the Stock Exchange lately.
“The evolution in the second half of this year is closely related to the international context, but especially to the macroeconomic context in Romania. While other countries made efforts to adopt and apply measures that would stimulate the economy, Romania was much more passive. Besides the “First Home” and “Rabla” programs, the government made no great efforts to help companies overcome the crisis,” said Raiffeisen analysts, in a report on the evolution of the Stock Exchange in the first six months.
According to the analysts of Raiffeisen Capital&Investment, listed companies posted an average 22 percent drop in business year-on-year, after growing 30 percent in 2008. Some 50 companies analyzed were traded at an average Price-to-Earnings Ratio (PER) for 2009 of 12 at the end of the first half of this year, up from 9.5 in 2008.
