The subprime effect on BVB: losses worth €10 bln

BVB's capitalization dropped to €21.97 bln, from the €32.03 bln level registered prior to the crisis. The Bucharest Stock Exchange lost €650 million yesterday, in its second consecutive session of significant drops. At the beginning of the year, the National Prognosis Commission and brokers estimated an increase of more than 20 percent in the BET index and 30 percent in the BET-FI index.

"Most affected were financial and banking shares, although significant drops were also registered on the other liquid shares, where non-residents are present," said Mihai Piscan, EFG Eurobank Securities broker.

The BET index dropped 24.9 percent from 24 July to yesterday, and is currently registering a 7.6 percent increase from its level at the beginning of the year. BET-FI lost 42.5 percent, and now registers a 5.92 percent increase.

Brokers believe the market still has a chance to make a comeback, after the closing of the Initial Public Offer of the Transgaz natural gas company, when money received following the share allocation may return to the market.