Bloomberg News

Hungarian Stocks Snap 3-Day Rising Streak; OTP Bank Shares Fall

July 22, 2011

July 22 (Bloomberg) -- Hungarian shares fell for the first time in four days as OTP Bank Nyrt. retreated.

The BUX equities index slid 0.2 percent to 21,890.70 by the 5 p.m. close in Budapest, bringing the week’s drop to 0.9 percent. OTP snapped three days of gains, slumping 0.3 percent to 5,585 forint.

The forint strengthened less than 0.1 percent to 267.80 per euro after earlier appreciating as much as 0.7 percent as European leaders announced new aid for Greece in a plan designed to stop contagion to other states. The zloty was little changed at 3.9871 and the Czech koruna appreciated 0.4 percent to 24.368 against the European common currency.

Euro-area leaders announced 159 billion euros ($229 billion) in aid for Greece and risked temporary default to lighten its debt burden. They also empowered their 440 billion- euro rescue fund to buy debt across stressed euro nations as a market rout last week sparked concern the crisis was spreading.

--Editors: John Kohut, Peter Branton

To contact the reporter on this story: Andras Gergely in Budapest agergely@bloomberg.net.

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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