Foreign institutional investors bought a further 6.5% in FondulProprietatea (FP) shares since its floatation on the Bourse, onJanuary 25, coming to hold 20,4% in the fund at the end of March,show FP reports.
The net value of foreign funds' investments in FP thus reached some130m euros, in just ten weeks. By comparison, net foreigninvestments on the Bourse in 2009 and 2010 stands at around 160meuros.
"This is a positive signal. FP is the most important issuer andforeigners' purchases show there is interest in the fund and inRomania," says Răzvan Paşol, chairman of Intercapital Investbrokerage.
Foreign funds' total exposure to FP shares currently tops 410meuros.
Foreign funds' massive acquisitions did not manage to move theprice, which fluctuated within a narrow interval in the last twomonths, between 0.58 and 0.62 lei/share, with plus/minus 1%variations being very rare.
"The price has not risen as there have been sales from people whoreceived shares as compensation and from those who bought ahead oflisting on the OTC market. These sales will decline at a certainmoment, but interest will stay high, and then we could also seeprice increases. I believe it may happen by yearend," Paşolspecified.
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