Bloomberg News

OTP Bank Snaps Two-Day Drop on Spanish Bank Aid, China Exports

June 11, 2012

OTP Bank Nyrt. (OTP), Hungary’s largest lender, snapped two days of losses after Spain requested European Union bailout for its banks and Chinese exports rose more than expected in May.

The shares rose as much as 3.1 percent and traded 2.2 percent higher at 3,475 forint by 10:32 a.m. in Budapest. The benchmark BUX stock index gained 1 percent to 17,190.60.

Spain asked euro-region governments over the weekend for as much as 100 billion euros ($126 billion) to help shore up its banking system, a sign Europe is tackling a crisis that has roiled markets around the world. Chinese data showed exports grew last month at more than double the pace analysts estimated and crude oil imports rose to a record.

“We expect strong optimism to dominate the market today following favorable Chinese economic data and the Spanish bailout,” Levente Blaho and Adam Keszeg, Budapest-based analysts at Raiffeisen Bank International AG (RBI), said in an e- mailed note today.

To contact the reporter on this story: Edith Balazs in Budapest at ebalazs1@bloomberg.net

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


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