Each of the Baltic stock market indexes are down since Friday after the two-month long burst. Source: Nasdaq OMX

VILNIUS — The two-month long rally of the three Baltic stock exchanges has ended. All indexes have been in decline since Friday, and analysts are saying the rapid growth has spurted out.

The OMX Baltic Benchmark GI index is down 4.26 percent from six days ago, while the OMX Vilnius index declined the most of the three with a 4.35 percent loss from the same date.

The indexes are still at least 60 percent above their value at the beginning of April, with the most rapid increase occurring over the last two months. Since Aug. 1 the OMX Vilnius index shot up 85 percent while the OMX Riga and OMX Tallinn indexes increased 55 percent until Friday.

“At the moment I would say the rally has ended and we can see the correction has started … after sharp gains of the past four weeks,” Arvydas Jacikevičius, a senior equities trader for SEB Bank, told Baltic Reports.

Jacikevičius said he didn’t expect the indexes to dip too deep, though.

“I don’t see any reason why the markets would return to the levels of the beginning of August,” he said.