Romania's financial companies brake fall, but lose 8.72% at rising bell

The Bucharest Stock Exchange (BSE) tempered its decrease on opening, with the five financial companies or SIFs posting the biggest drop of 8.72 percent, on an average slip of 5 percent on the market after general plunge on the American bourses.

Liquidity inched to 5.74 million lei (1.52 million euros) from 4.39 million lei in the previous session.

The BET index assessing the ten best companies on BSE dipped 5.53 percent to 3,419.42 and the BET-C composite index measuring all listed shares minus financial companies lost 5.43 percent to 2,569.01.

The BET-FI index which assesses the five financial companies also known as SIF slumped 8.72 percent to 16,013.94 and the ROTX index for trading blue-chips in Vienna fell 6.62 percent to 8,022.47.

The BET-XT index of the 25 most liquid companies dropped 6.43 percent to 332 and the BET-NG index of the ten power companies lowered 6.50 percent to 459.43.

Bourses in the U.S. crashed in the previous session after weak results from the retail sector reignited fears of recession.

The head of the Federal Reserve (Fed), Ben Bernanke, admitted that the turmoil on the financial markets are a serious threat to the U.S. economy.

The Dow Jones Industrial Average (DJIA) dropped 7.87 percent to 8,577 and the S&P 500 index measuring the best 500 stocks plunged 9.03 percent to 907. Nasdaq Composite plummeted 8.47 percent to 1,628.

The bourse in Tokyo posted record falls on closing following the negative evolution on Wall Street, with the Nikkei index crashing 11.41 percent to 8,458.45.

In Bucharest, shares of second Romanian lender by assets BRD SocGen (BRD) were again the most liquid, totaling deals of 1.49 million lei, but crashed 10.33 percent to 8.25 lei.

Financial company SIF Oltenia (SIF5) plunged 10.23 percent to 0.79 lei, SIF Muntenia (SIF4) fell 5.51 percent to 0.60 lei and SIF Transilvania (SIF3) dropped 8.88 percent to 0.4310 lei.

Oil company Petrol (SNP) slumped 8.33 percent to 0.22 lei.

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