Pension and mutual funds continue to buy shares on the Bucharest Stock Exchange, despite the correction of more than 10%

Pension funds and mutual funds are maintaining their strategies and continuing to buy shares on the Bucharest Stock Exchange, despite the more than 10% correction recorded by the BET index in September. Representatives of major institutional investors, including NN Pensii, BT Asset Management and Lion Capital, said at the ZF Capital Market conference that they remain moderately optimistic, although the formation of the government and global interest-rate developments continue to put pressure on the market.

Institutional investors say that recent volatility was driven mainly by retail investors, who are more sensitive to information about Romania’s rating and the political situation. They say they do not change their decisions based on unconfirmed rumors, while monthly inflows of money allow them to continue their purchases.

At the same time, valuations of Romanian shares have risen significantly compared with historical levels. The market’s price-to-earnings ratio has reached approximately 16, compared with around 5 10–15 years ago, while the dividend yield has fallen below 5%, according to calculations by BCR Pensii.

Before Standard & Poor’s reconfirmed Romania’s rating on October 2, the BET had lost more than 10% from its August peak, following five consecutive weeks of declines. Subsequently, on October 5, the index rose by approximately 4% in a single trading session. Since the beginning of 2026, the BET has gained around 37%.