The Bucharest Stock Exchange (BVB) has started 2026 in a distinctly bullish mood. On 8 January, the BET index—the Romanian market’s main benchmark—closed above 25,000 points for the first time, setting a new all-time high.
Record 2025: best performance since 2009
This strong start follows an exceptional 2025 for Romanian equities. According to Ziarul Financiar, the BET index ended 2025 at around 24,439 points, up 46% year-on-year. Including dividends, the total return reached roughly 55%, marking the best annual performance since 2009.
Energy and utilities were among the key drivers last year. Reported gains included Transgaz (about +180%), Transelectrica (+97%), Electrica (+98%), and Romgaz (+93%). Other notable performers included Digi Communications (around +80%) and MedLife (around +73%).
Strong early-year momentum and unusually solid liquidity
The break above the 25,000-point threshold came alongside stronger-than-usual trading volumes for early January. Market observers note that after some profit-taking toward the end of 2025, investors appear to have returned quickly—helping to push large-cap names to fresh highs within the first two trading sessions of the year.
Why the optimism—despite fiscal changes?
In the short term, the rally appears to reflect a combination of:
- a “catch-up” effect after holiday closures and fewer sessions,
- early-year portfolio rebalancing by both retail and institutional investors,
- continued appetite for dividend-oriented and defensive sectors, particularly in energy and infrastructure, which led the market in 2025.
At the same time, some commentators caution that rapid early-year price moves can be driven less by changes in fundamentals and more by capital flows, seasonality, and momentum.
Broader context: a maturing market and stronger governance focus
Over the longer term, BVB has benefited from the gradual deepening of the local capital market, including the reported growth of the retail investor base in recent years. In parallel, Romania’s market infrastructure has placed increasing emphasis on corporate governance standards, including updates to market rules and mechanisms designed to strengthen compliance and transparency.
What comes next?
January’s new record is a clear signal of positive sentiment, but the coming weeks will test whether the market can sustain its pace—especially given fiscal policy shifts and the potential for changing risk appetite across global markets.
