Local authorities also have a plan to revive the local capital market, by annulling taxes for capital gains owned by investors and reducing fees paid to the National Securities Commission (CNVM), market sources said.

CNVM officials are to meet representatives of Bucharest and Sibiu bourses to seek solutions for the stock markets.

The rescue plan comes amid historic growth on BVB, where most significant listed companies, including financial investment companies (SIF), BRD Groupe Societe Generale, and utility companies Transgaz and Transelectrica increased more than 14 percent. The BET-FI index of financial investment companies rose a staggering 14.5 percent, the highest increase since its launch.

However, this growth comes after several days of severe decline, as SIFs lost an average 25 percent from Monday to Thursday.

Brokers say that all steps taken by the state to rescue the capital market are welcome, but that their impact will be minor in the short-run, as what really matters now is news from foreign markets. “Romania is an emerging market, with high risks. I do not see what could change the fact that investors no longer have to pay capital gains taxes. It is not bad, but I do doubt that it is a measure able to re-launch the market,” the General Manager of BRD Securities brokerage company, Daniel Pocorea, said.

As for this week’s quotations, brokers say investors are likely to remain optimistic for several days, but do not believe growth to become a trend for the capital market. “I expect investors to be optimistic on Monday, and many will probably try to recover in three days all they lost last week. However, I do not believe the optimism will last, so I also expect corrections, although not as sharp as before,” Romcapital Brokerage Manager, Rodica Albu, said.