FHB Falls First Day in 4 After RSI Rises to Highest in Year
Foldhitel es Jelzalogbank Nyrt., a Hungarian mortgage lender known as FHB, fell for the first time in four days as a technical indicator suggested the rally was overdone.
The shares fell 1.2 percent to 579 forint by the close in Budapest. FHB’s 3.5 percent jump yesterday pushed the stock’s 14-day relative strength index to 75, the highest in a year. A reading above 70 indicates to some technical analysts a security may decline. The RSI last stood at 71.
The company surged 25 percent this year compared with a 14 percent rise in Hungary’s BUX Index. FHB has rallied 6.6 percent so far this week.
OTP Bank Nyrt., Hungary’s largest lender, today unveiled a plan offering to fix the exchange rate on Swiss-franc denominated municipality bond repayments for a three-year period, Pal Kovacs, a managing director at the bank, said at a press conference in Budapest today.
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