FHB stock takes wild ride on way to tiny increase
FHB stock took a wild ride on the Budapest bourse yesterday, and its day-ending value of HUF 920 on a miniscule 0.22% increase doesn’t tell half the story. One of the Budapest Stock Exchange (BSE)’s better under-the-radar investments fairly consistently since 2003, FHB stock appeared headed for a gray-to-black Monday: By 3pm CET, the selling price was HUF 911, a 1% decrease.
A Bloomberg report at this time had analysts figuring that the recently increase in the stock’s value was due to confirmation that the previously unnamed buyer of a 54.85% stake in saving cooperative umbrella bank Takarékbank is in fact Magyar Takarék Zrt, 25% owned by FHB. However, “The recent rise cannot be justified by publicly-available information” as Concorde Securities analyst Attila Gyurcsik was quoted by Bloomberg as stating.
The 12% gain in the stock’s value over the past two weeks signals an overbought price to would-be investors, current wisdom went, and surely the bubble which has almost tripled FHB stock’s market value in four months had burst.
And yet, FHB rallied. By the close of trading, well over 1 million shares had been traded and the stock somehow ended at HUF 920. Only OTPhad seen more trading at approximately €4 million in turnover than FHB, and the €3 million-plus in turnover for the day was on par with blue chips Magyar Telekom and Gedeon Richter.
So who’s ready for another day of trading?
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