BVB still reacting to new taxes: Market cap loses EUR 1 billion in a single day

Aurel Dragan 15/01/2019 | 12:42

Stock exchange markets around the world are mainly on red in today’s session and the Bucharest Stock Exchange (BVB) is following the same trend. After 2 hours of today’s trading session, the main indexes from BVB were down around 2 percent.

Banca Transilvania (TLV) is again the most traded share on BVB and the price has reached a new low at RON 1.65, a 3.96 percent drop from the previous day. BRD – Groupe Societe Generale lost 1.55 percent in the first hours of trading, reaching RON 10.18 per share.

BVB lost almost EUR 1 billion of its market cap yesterday, reaching RON 139 billion, after the losses of over 4 percent on the main indexes. Investors are responding to the new taxes imposed by the government, especially those on bank assets, and are still adjusting to the new estimates for turnover and profit. Analysts are expecting the volatility to continue, since the state budget for this year has not yet been adopted and there are still uncertainties regarding the fiscal regime this year.

Mixed results around the world

The Japanese stock market closed 0.96 percent on Tuesday, with the Nikkei-225 main index reached 20,555.29 points, up 195.59 points, compared with the closing price of the previous session, Kyodo reports.

Seoul – The South Korean stock market ended Tuesday’s session up 1.58 percent, Kospi’s main index reached 2,097 points, up 32.66 points compared to the closing price of the previous session, Yonhap reports.

Shanghai – The Shanghai Stock Exchange closed Tuesday’s session up 0.71 percent, the Shanghai Composite Index reached 2,570.34 points, up 44.57 points from the closing price of the previous session, Xinhua reports.

Hong Kong – The Hong Kong Stock Exchange ended its first trading session on Tuesday higher by 1.70 percent, the Hang Seng index reached 26,746.57 points, up 448.24 points versus the closing price precedent, Xinhua reports.

New York – Wall Street closed down Monday, Dow Jones Industrial Average declined 0.36 percent to 23.909.84 points, down 86.11 points from its closing of the previous sitting. The Standard and Poor’s 500 index declined by 0.53 percent to 2,582.61 points, down 13.65 points from the previous session.

The Nasdaq index depreciated by 0.94 percent, reaching 6.905.92 points, down 65.56 points from the value recorded at the close of the previous session. At the New York Mercantile Exchange (Nymex), the light crude oil quotation with delivery in February fell by USD 1.08, closing at USD 50.51.

London – The London Stock Exchange closed the session down 0.91 percent on Monday, the FTSE-100 main index reached 6.855,02 points, down 63.16 points compared with the closing price of the previous session, EFE reports.

On the ICE Futures exchange, the Brent oil barrel on the North Sea with delivery in March dropped USD 1.49, closing at USD 58.99.

Frankfurt – The Frankfurt Stock Exchange closed the session by 0.29 percent on Monday, the DAX 30 index reached 10,855.91 points, down 31.55 points versus the closing price of the previous session, EFE.

Paris – The Paris Stock Exchange closed the session by 0.39 percent on Monday, the CAC 40 index reached 4,762.75 points, down 18.59 points compared to the closing price of the previous session, EFE.

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Aurel Dragan | 19/12/2022 | 18:45

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