Magyar Telekom Falls to Record Low on HSBC Cut: Budapest Mover
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Magyar Telekom Nyrt., Hungary’s largest telecommunication-service provider, fell to the lowest level on record after HSBC Holdings Plc cut the stock to underweight, citing the risks to dividend payments.
Shares of the unit of Germany’s Deutsche Telekom AG slid 2 percent to 297 forint by the close in Budapest, the lowest since they started trading in 1997. More than 2 million securities changed hands, almost double the three-month daily average. HSBC cut its price estimate by 22 percent to 280 forint and lowered the recommendation from neutral.