{"id":1189,"date":"2015-12-07T09:55:22","date_gmt":"2015-12-07T09:55:22","guid":{"rendered":"http:\/\/bvbescu.ro\/?p=1189"},"modified":"2015-12-07T11:03:52","modified_gmt":"2015-12-07T11:03:52","slug":"cum-au-evoluat-principalii-indici-de-la-bursa-si-ce-a-facut-diferenta","status":"publish","type":"post","link":"https:\/\/bvbescu.ro\/premium-info\/cum-au-evoluat-principalii-indici-de-la-bursa-si-ce-a-facut-diferenta\/","title":{"rendered":"Cum au evoluat principalii indici de la Bursa si ce a facut diferenta"},"content":{"rendered":"

\"chart,<\/a>Anul 2015 nu a fost unul generos cu Bursa de Valori Bucuresti. Principalele motive pentru evolutia slaba au fost legate de lipsa de listari importante si de evolutia peste medie a burselor dezvoltate, care au fost mult mai atractive pentru investitorii mari.
\nA fost un an marcat de o evolutie in general laterala, monotonia fiind sparta doar in 3-4 momente, in care am avut parte de euforie sau disperare. De departe, cele mai important moment au avut loc la sfarsitul lui august, cand volatilitatea generata de evolutia slaba a economiei chineze ne-au aruncat pret de cateva saptamani intr-o piata cu volatilitate ridicata. Am avut atunci corectii si raliuri chiar si de 10% intr-o singura zi. Personal, m-a facut sa imi aduc aminte de mai 2010 cand, pe fondul problemelor din Grecia, piata a reactionat similar. Scenariul a fost atunci mult mai sumbru, indicii de la Bursa de Valori Bucuresti corectandu-se cu peste 50%.<\/p>\n

\"grafic-comparativ-bet-bet-ng-fi-rotx\"<\/a>Cum au evoluat indicii la Bursa de Valori Bucuresti<\/strong><\/p>\n

Am facut cateva grafice comparative pe ultimele 365 de zile, toate avand ca si comparatie indicele BET. Se observa evolutia sincron – in multe momente – ale BET, BET-NG, BET-FI si ROTX. Cel putin, in cazul a trei din patru indici analizati, traseul este aproape identic. Divergenta apare doar in cazul BET-NG – indicele care reflecta evolutia companiilor din energie -, domeniu afectat serios in ultimul an si jumatate de cererea scazuta de materii prime. Scaderile s-au accentuat pe BET-NG in ultimele 4 luni, astfel ca indicele are cea mai proasta evolutie din 2015. Pe scurt, cei 4 indici au avut in ultimele 12 luni urmatoarea evolutie:<\/p>\n

BET: 0%
\nBET-FI: -5%
\nBET-NG: -12%
\nROTX: 5%<\/p>\n

Ce a facut diferenta in 2015<\/strong><\/p>\n

Din cauza faptului ca piata romaneasca este destul de mica, putin lichida, indicii de la BVB au o componenta asemanatoare. Diferenta dintre profit si pierdere a fost insesizabila in 2015, fiind facuta punctual, trei emitenti: BRD, Banca Transilvania si Erste Bank. Alaturi de acestea, au contat companiile din energie incluse in indici si ponderea lor in acestia.<\/p>\n

Indicii BET si ROTX au o componenta aproape identica. Includerea Erste Bank (EBS) in componenta ROTX a adus o buna parte din evolutia cu 5% mai buna a indicelui fata de BET, unde locul lui EBS este luat de Nuclearelectrica S.A. (SNN). Cotatiile EBS au crescut cu 30% in ultimul an, in timp ce SNN s-a corectat cu 14%.<\/p>\n

Bancile au avut evolutii spectaculoase in 2015, castigand aproximativ 30% intr-un singur an. Includerea lor in BET si ROTX a salvat evolutia indicilor. De la o crestere constanta de 5-10% p.a., BET-NG s-a corectat serios in 2015, pierzand peste 10%. OMV Petrom si Electrica S.A. sunt principalii emitenti inclusi in indice, insumand peste 50% din pondere. Cele 2 actiuni au suferit corectii de 28%, respectiv 12%. Evolutia slaba a acestora a insemnat cea mai mare parte a pierderilor suferite de BET-NG in 2015.<\/p>\n

In ceea ce priveste evolutia BET-FI, 75% din ponderea indicelui a fost formata in acest an din emitenti care au suferit corectii. Singura evolutie importanta din acest an a fost cea a SIF Banat-Crisana (SIF1) care a crescut 30%. Acesta a reusit, practic, sa anuleze evolutia proasta a Fondului Proprietatea (FP), care are cea mai mare pondere in BET-FI (30%) si care a pierdut 12% din valoare in acest an.<\/p>\n

Mai jos aveti un tabel comparativ pe indici, incluzand componenta si evolutia emitentilor in ultimul an:<\/p>\n\n<\/colgroup>\n<\/colgroup>\n<\/colgroup>\n<\/colgroup>\n<\/colgroup>\n<\/colgroup>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Simbol<\/strong><\/td>\nCompanie<\/strong><\/td>\nPondere BET<\/strong><\/td>\nPondere BET-NG<\/strong><\/td>\nPondere ROTX<\/strong><\/td>\nPondere BET-FI<\/strong><\/td>\nVariatie<\/strong><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
FP<\/span><\/td>\nFONDUL PROPRIETATEA<\/span><\/td>\n20,71<\/span><\/td>\n–<\/span><\/td>\n20,12<\/span><\/td>\n30,97<\/span><\/td>\n-12,00%<\/span><\/td>\n<\/tr>\n
TLV<\/span><\/td>\nBANCA TRANSILVANIA S.A.<\/span><\/td>\n20,36<\/span><\/td>\n–<\/span><\/td>\n16,68<\/span><\/td>\n–<\/span><\/td>\n27,00%<\/span><\/td>\n<\/tr>\n
SNP<\/span><\/td>\nOMV PETROM S.A.<\/span><\/td>\n17,69<\/span><\/td>\n27,67<\/span><\/td>\n12,89<\/span><\/td>\n–<\/span><\/td>\n-28,00%<\/span><\/td>\n<\/tr>\n
BRD<\/span><\/td>\nBRD S.A.<\/span><\/td>\n11,32<\/span><\/td>\n–<\/span><\/td>\n8,24<\/span><\/td>\n–<\/span><\/td>\n30,00%<\/span><\/td>\n<\/tr>\n
SNG<\/span><\/td>\nS.N.G.N. ROMGAZ S.A.<\/span><\/td>\n11,27<\/span><\/td>\n26,2<\/span><\/td>\n8,21<\/span><\/td>\n–<\/span><\/td>\n-12,00%<\/span><\/td>\n<\/tr>\n
EL<\/span><\/td>\nELECTRICA SA<\/span><\/td>\n7,22<\/span><\/td>\n16,77<\/span><\/td>\n5,26<\/span><\/td>\n–<\/span><\/td>\n5,00%<\/span><\/td>\n<\/tr>\n
TGN<\/span><\/td>\nS.N.T.G.N. TRANSGAZ S.A.<\/span><\/td>\n5,58<\/span><\/td>\n12,96<\/span><\/td>\n4,06<\/span><\/td>\n–<\/span><\/td>\n3,00%<\/span><\/td>\n<\/tr>\n
TEL<\/span><\/td>\nC.N.T.E.E. TRANSELECTRICA<\/span><\/td>\n3,62<\/span><\/td>\n8,42<\/span><\/td>\n2,64<\/span><\/td>\n–<\/span><\/td>\n-5,00%<\/span><\/td>\n<\/tr>\n
SNN<\/span><\/td>\nS.N. NUCLEARELECTRICA S.A.<\/span><\/td>\n1,44<\/span><\/td>\n3,35<\/span><\/td>\n–<\/td>\n–<\/span><\/td>\n-14,00%<\/span><\/td>\n<\/tr>\n
BVB<\/span><\/td>\nBURSA DE VALORI BUCURESTI SA<\/span><\/td>\n0,79<\/span><\/td>\n–<\/span><\/td>\n0,58<\/span><\/td>\n–<\/span><\/td>\n-7,00%<\/span><\/td>\n<\/tr>\n
COTE<\/span><\/td>\nCONPET SA Ploiesti<\/span><\/td>\n–<\/td>\n2,65<\/span><\/td>\n–<\/td>\n–<\/span><\/td>\n25,00%<\/span><\/td>\n<\/tr>\n
RRC<\/span><\/td>\nROMPETROL RAFINARE S.A.<\/span><\/td>\n–<\/td>\n1,56<\/span><\/td>\n–<\/td>\n–<\/span><\/td>\n0,00%<\/span><\/td>\n<\/tr>\n
OIL<\/span><\/td>\nOIL TERMINAL S.A.<\/span><\/td>\n–<\/td>\n0,25<\/span><\/td>\n–<\/td>\n–<\/span><\/td>\n4,00%<\/span><\/td>\n<\/tr>\n
PTR<\/span><\/td>\nROMPETROL WELL SERVICES S.A.<\/span><\/td>\n–<\/td>\n0,18<\/span><\/td>\n–<\/td>\n–<\/span><\/td>\n-50,00%<\/span><\/td>\n<\/tr>\n
PEI<\/span><\/td>\nPETROLEXPORTIMPORT S.A.<\/span><\/td>\n–<\/td>\n0,01<\/span><\/td>\n–<\/td>\n–<\/span><\/td>\n-70,00%<\/span><\/td>\n<\/tr>\n
EBS<\/span><\/td>\nErste Group Bank AG<\/span><\/td>\n–<\/td>\n–<\/td>\n21,32<\/span><\/td>\n–<\/span><\/td>\n30,00%<\/span><\/td>\n<\/tr>\n
SIF1<\/span><\/td>\nSIF BANAT CRISANA S.A.<\/span><\/td>\n<\/td>\n<\/td>\n<\/td>\n15,64<\/span><\/td>\n30,00%<\/span><\/td>\n<\/tr>\n
SIF2<\/span><\/td>\nSIF MOLDOVA S.A.<\/span><\/td>\n<\/td>\n<\/td>\n<\/td>\n14,64<\/span><\/td>\n-6,00%<\/span><\/td>\n<\/tr>\n
SIF3<\/span><\/td>\nSIF TRANSILVANIA S.A.<\/span><\/td>\n<\/td>\n<\/td>\n<\/td>\n10,69<\/span><\/td>\n3,00%<\/span><\/td>\n<\/tr>\n
SIF4<\/span><\/td>\nSIF MUNTENIA S.A.<\/span><\/td>\n<\/td>\n<\/td>\n<\/td>\n10,74<\/span><\/td>\n-15,00%<\/span><\/td>\n<\/tr>\n
SIF5<\/span><\/td>\nSIF OLTENIA S.A.<\/span><\/td>\n<\/td>\n<\/td>\n<\/td>\n17,35<\/span><\/td>\n-6,00%<\/span><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\nVariatie ultimele 365 zile<\/strong><\/td>\n0,00%<\/td>\n-12,00%<\/td>\n5,00%<\/td>\n-5,00%<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Anul 2015 nu a fost unul generos cu Bursa de Valori Bucuresti. Principalele motive pentru evolutia slaba au fost legate de lipsa de listari importante si de evolutia peste medie… <\/p>\n","protected":false},"author":1,"featured_media":1069,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[46],"tags":[5,45,158,129,174,3,88,26,12,137,175],"_links":{"self":[{"href":"https:\/\/bvbescu.ro\/premium-info\/wp-json\/wp\/v2\/posts\/1189"}],"collection":[{"href":"https:\/\/bvbescu.ro\/premium-info\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bvbescu.ro\/premium-info\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bvbescu.ro\/premium-info\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bvbescu.ro\/premium-info\/wp-json\/wp\/v2\/comments?post=1189"}],"version-history":[{"count":3,"href":"https:\/\/bvbescu.ro\/premium-info\/wp-json\/wp\/v2\/posts\/1189\/revisions"}],"predecessor-version":[{"id":1193,"href":"https:\/\/bvbescu.ro\/premium-info\/wp-json\/wp\/v2\/posts\/1189\/revisions\/1193"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bvbescu.ro\/premium-info\/wp-json\/wp\/v2\/media\/1069"}],"wp:attachment":[{"href":"https:\/\/bvbescu.ro\/premium-info\/wp-json\/wp\/v2\/media?parent=1189"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bvbescu.ro\/premium-info\/wp-json\/wp\/v2\/categories?post=1189"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bvbescu.ro\/premium-info\/wp-json\/wp\/v2\/tags?post=1189"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}