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Property Fund gets speed in stock market, according to Basescu
The stock of the Property Fund registered the highest listing increase of 4.8% on Tuesday, the investors counting on a more rapid listing than expected in the market of companies from Franklin Templeton portfolio.President Traian Basescu had announced that he had asked the Parliament to re-exanimate the law establishing the completion of procedures for admission to BVB transactions of packages of shares of at least 5% of Property Fund companies by 31 December 2014.
“According to the president’s statement it was good news for the market. Today’s increases could be seen as a return after the important drops that happened last week,” said Darie Moldovan the operation manager of Broker Cluj.
Listing portfolio companies was a demand made by the new Fund managers, who say they want to improve their profitability and value. PF shares have dropped constantly since the January listing to the threshold of 0.5 leiunit, considered an absolute minimum by analysts. Property Fund closed on Tuesday at a ;price of 0.5345 leiunit, while the overall amount climbed to 30.7 million lei, to which a deal of 3.7 million lei was added.
Brokers warn it is too soon to say that Property Fund has entered a growing trend.
“It is too early to say that PF will start to register a positive trend. Personally I find it difficult to believe that the same rate will continue several days on a row, but we’ll see how things evolve as today we were pushed upwards by growths registered at international level, “ Moldovan said.