Stocks plunge at rising bell on the BSE, despite rescue plan approval

The five financial companies in Romania or SIFs dipped an average 3.71 percent at opening on the Bucharest Stock Exchange (BSE), in line with American bourses, amid fears regarding the economic status, despite the approval of the Paulson plan to bail out the financial system.

Liquidity climbed slightly to 2.53 million lei (653,334 euros) from 2.22 million lei in the previous session.

Bourses in the U.S. posted significant drops on closing, after investors cashed in profits following the approval of the rescue plan.

The Dow Jones (DJIA) composite index slumped 1.50 percent to 10,352.38 and the S&P 500 index of the best 500 companies on the market lost 1.35 percent to 1,099.23. Nasdaq fell 1.48 percent to 1,947.39.

The U.S. House of Representatives adopted on October 3 a 700 billion dollar revised plan to rescue the financial system, after it had initially rejected it earlier that week.

In Romania, the BET index of the ten best companies listed on BSE decreased 1.99 percent to 4,281.88 and the BET-C composite index measuring all listed shares minus financial companies dipped 2.32 percent to 3,212.39.

The BET-FI index of the five financial companies known as SIFs plummeted 3.71 percent to 26,493.89 and the ROTX index for trading blue-chips in Vienna posted the same unrevised value of 10,624.17 from the previous session on October 3.

The BET-XT index of the 25 most liquid companies fell 2.66 percent to 451.96 and the BET-NG index of the ten power companies on the market lost 2.29 percent to 611.38.

Shares of financial company SIF Oltenia (SIF5) were again the most liquid, with deals of 697,656 lei, and plunged 3.42 percent to 1.41 lei. SIF Transilvania (SIF3) slumped 4.23 percent to 0.68 lei and SIF Moldova (SIF2) dipped 3.85 percent to 1.25 lei.

Second Romanian lender by assets BRD SocGen (BRD) depreciated 3.51 percent to 11 lei and Erste Bank (EBS), the majority owner of largest lender by assets, cheapened 1.47 percent to 134 lei.

Electricity transporter Transelectrica (TEL) dropped 2.89 percent to 16.80 lei.

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