The effect of FP floatation, which everybody had been expectingas a miraculous way of turning the Bucharest Stock Exchange around,has waned after a month, and the market has reverted to previousdevelopments, with extremely low liquidity, as well as withdeclines for the main stocks.
FP shares were no exception, registering significantcorrections, to the discontent of the thousands of shareholders,both former owners who received the stock as compensation andspeculators, who had expected a positive trend and a higher price.Last week, the price of FP shares dropped below the 0.58 lei level,being 10% below the floatation level, and in the first two sessionsof this week the shares traded around 0.6 lei.
The representatives of Franklin Templeton, which manages FP, movedagain to quell investors' concerns, assuring the trend of shares isimpacted by the unfavourable international context.
Mark Mobius, the executive chairman of Templeton Asset Management,coordinating the team managing FP, believes investors should makelong-term decisions and take guidance from the value of the fund'sassets.
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