FHB shares drop 15% in a day

In Hungary

Following the announcement that FHB bank had received a fine and trade in its shares were temporarily suspended yesterday, the price of the lenderʼs shares dropped 15% in the first half of the day at the Budapest Stock Exchange (BSE), according to reports.

Although the price of FHB shares has been on a downward trend in the past few weeks, according to reports, the price per share was at approximately HUF 600 at the time of the announcement, which is still far from the historical low of HUF 305.

The BSE yesterday suspended the trade of shares and bonds of FHB Mortgage Bank for the remainder of the day. BSE CEO Richard Végh said yesterday in a statement that the stock exchange had received information that FHB will need to disclose to the public, but until the time of such a disclosure, trading in shares and bonds must be suspended to ensure fair trading opportunities for investors, according to Hungarian news agency MTI.

The National Bank of Hungary (MNB) yesterday fined FHB Mortgage Bank HUF 105 million on charges of violating the rules on the prohibition of illegal market manipulation. After trading on the BSE closed yesterday, FHB said it is considering exercising its right to appeal in court against the central bankʼs resolution.

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