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ASF kicks off investigation on the stock market’s “black Wednesday”

The Financial Supervisory Authority (ASF) has started an investigation of the transactions conducted on December 19, 2018 on the market managed by the Bucharest Stock Exchange (BVB) on the potential elements falling under the abuse on the market, stipulated by the Law 24/2017 on the issuers of financial instruments and market operations.

“If the analysis determines violations of the legal provisions, the Authority will adopt measures that can be made public, depending on their character. Anytime the results of the inquiries were part of the public information category, they were made known to the public,” says an ASF press release.

BVB has opened on Wednesday in decrease after the fiscal decisions announced Tuesday evening by Finance Minister Eugen Teodorovici.

The volume of transactions on the Bucharest Stock Exchange (BVB) has exceeded RON 1 billion Wednesday afternoon at 16.00h, with BRT Index falling by 11.76%, whereas some listed companies having the lower variation limit set at 25%.

The steepest fall was registered by Banca Transilvania: -17.62%, followed by SIF Banat Crisana -14.98%, Oltchim -13.89%, Patria Bank -14.61, OMV Petrom -13.54%, Electrica -13.51%, Electroputere -12.5% and Alro -11.51%.

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