Romania Stocks Hit Three-Month High as Ouster Vote Invalidated

Aug. 21 (Bloomberg) -- Romania’s benchmark stock index rallied to the highest level in more than three months after a Constitutional Court ruling invalidated an impeachment vote against President Traian Basescu.

The Bucharest Exchange Trading Index climbed 0.4 percent to close at 4,864.05, the highest since May 11, after earlier retreating as much as 0.5 percent. Gains were led by Fondul Proprietatea SA and OMV Petrom SA, which both added 0.8 percent.

Six of nine judges voted to invalidate a July 29 presidential impeachment vote as less than half of the eligible voters participated in the referendum, the Bucharest-based court said today.

The ruling, once published in the official journal, allows Basescu to return to his office and may prolong a feud between him and Prime Minister Victor Ponta, who said today that Basescu will be an “illegitimate president.”

To contact the reporter on this story: Andra Timu in Bucharest at atimu@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net