The blue chips index BET at the Bucharest Stock Exchange lost 2.35% on December 3 in a session dominated by volatility and lack of predictability, which started with a 0.76% advance building on positive dynamics on the first day after the parliamentary elections that indicated a possible democratic coalition. 

By the end of the day, however, BET ended with the sharpest decrease since the 3.6% on August 5 and the second largest since the beginning of the year, Ziarul Financiar reported. 

The decreases were recorded almost from top to bottom, with Antibiotice Iasi (BVB: ATB) dropping by 7.6%, TTS (BVB: TTS) by 6%, Sphera (SPH) by 5%, Purcari (WINE) by 4.9%, and TeraPlast (TPL) by 4.3%.

The plunge reflects investors' increasingly cautious stance as they get familiar with ultranationalist independent candidate Calin Georgescu's economic agenda: a combination of etatism, nationalism, and new-ageism. 

The lack of political clarity among the political parties and the Social Democrats' readiness to negotiate with the nationalist parties for the formation of a ruling coalition have contributed to the deterioration of investors' sentiment.

The sharp loss on December 3 came after, on December 2, the stock market rose by 0.6% as a result of the weekend parliamentary elections; in the second trading session of the week, the cumulative capitalization of listed issuers lost RON 3.3 billion (EUR 660 million).

"The stock market movements during this period are related to the perception of investors regarding the elections, the speeches of political leaders related to the formation of a new government, the political support for the presidential elections, and implicitly the level of predictability regarding a future economic policy from the state in a macro context/ microeconomic," commented Costin Brumă, broker at Swiss Capital.

iulian@romania-insider.com

(Photo source: Inquam Photos/George Calin)