The share trading volume fell 0.62 pc, on a market where Transgaz shares were down 6.3 pc on day one of a state-put offer to see a 15 pc stake it owns in the company. Investors estimate the shares will be bought at a price lower than that on the market with consequent sell pressures.
The market began declining right from the start of the trading session, yet, most of the investors abstained from trading with traded volumes remaining small for most of the shares.At the close of the session, the BET index of the top ten liquid shares was down 0.49 pc, and the BET-NG index of energy sector companies was 2.01 per cent lower than on the previous day. The minimum price of the secondary public offering stood at RON 17, 19.9 pc down from the previous quotation of RON 213.5/share. The ceiling price of RON 230 is 7.7 pc above the quotation prior to the offering. Anticipations of a price lower than the offer’s, led to sell-pressure that resulted in the price declining sharply.
The discount small investors compared to the buying price of institutional investors is a first for Romania, according to Simion Tihon, broker, Prime Transaction. Transgaz share corrections came amid a RON 245,000 aggregated transaction, with the price reaching RON 200.1/apiece.Fondul Proprietatea shares closed the day up 0.31 pc, to RON 0.642 land continues approaching the level of day one, January 25, 2011, listing quotations.