Mol Rebounds From This Year’s Low as Croatia Probe Concern Eases
Mol Nyrt. gained from its lowest this year as concern eased that the chairman of Hungary’s largest oil refiner will be extradited to Croatia to face an investigation.
The stock gained 2.2 percent to 20,335 forint by 1:16 p.m. in Budapest. It tumbled 4.8 percent in the previous two sessions to Mol’s lowest since December after Croatia requested Hungary’s legal assistance in a probe into the company’s Croatian unit, INA Industrija Nafte d.d.
Croatia’s prosecutor general yesterday denied a newspaper report that the country had requested the extradition of Zsolt Hernadi. Mol’s selloff pushed the shares’ 14-day relative strength index to 27 yesterday. A reading below the 30 level indicates to technical analysts a security may rebound.
“The denial of a report on Hernadi’s extradition to Croatia eased the pressure on Mol shares,” Peter Csaszar, an analyst at KBC Securities in Warsaw, said by phone. “After the steep decline in the stock of recent days, the current price could be an attractive entry level for some investors.”
The RSI for Mol last stood at 34.
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