There is potential for growth for the Bucharest Stock Exchange in 2022, but we are also vulnerable in terms of global monetary policy, the evolution of the pandemic and possible episodes of fiscal rebalancing, says Alexandru Voicu, CEO of SAI Certinvest.

“At the end of the year picture, I expect to have a slightly positive year, but not as exuberant as we had in 2021 (+33.2% for the BET index)”, said Alex Voicu in an interview with financialintelligence .ro.

He says 2021 has been a positive year for all asset classes, overcoming the strong base effects generated by the first lock-down in March-May 2020.

“We have noticed an increased appetite of investors who, in the context of above-average inflation (which will persist for at least another year), have increasingly explored alternatives to bank deposits. The Real Estate sector generated the best returns, being an asset that performs well in periods of above average inflation. Another important structural change comes from the expansion of blue-chip stocks, which have captured a larger market share at the expense of smaller companies due to their superior financial and management capacity in managing the difficult situations caused by the pandemic.

The raw material producers also had an excellent year, with average yields of over 20%, in the context of the supply chain crisis and the forced demand generated by the monetary and economic stimulus,” said Voicu.

As for 2022, he claims that there will be a slight increase in indices.

“The only clarity is that the macro and geopolitical context needs to be closely monitored and the strategy needs to be adjusted to the expected developments. A very positive factor is the inclusion of Romanian companies in various global indices, a trend that will continue and improve liquidity and interest in the local market.”