Bloomberg News

Hungary’s Mol Falls for Third Day, Heading for Monthly Drop

March 29, 2012

Mol Nyrt. (MOL), Hungary’s largest refiner, fell for a third day, extending the stock’s decline this month.

The shares dropped 0.6 percent to 18,550 forint by the close in Budapest. That brings the monthly decline to 0.8 percent after a 0.5 percent retreat in February. Oil declined as France said governments are moving closer to an agreement on a release of barrels from emergency stockpiles to curb price gains and U.S. equities declined.

Hungary failing to obtain a bailout would raise the risk of the government extending special industry taxes, Zsolt Hernadi, Mol’s chairman, said in a March 27 interview at the company’s Budapest headquarters.

“That is undoubtedly a risk factor,” Attila Vago, an analyst at Budapest-based broker Concorde Ertekpapir Zrt., said of the potential extension of industry taxes in the absence of an International Monetary Fund loan. Vago added that the trading volume on Mol shares was low today.

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

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


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