Hungary Stocks: Mol, Est Media, OTP Bank Move in Budapest Trade

Hungary’s benchmark BUX (BUX) stock index rose 1.3 percent to 17,352.61 by 10:58 a.m. in Budapest.

The following were among the most active shares in the Hungarian market today. Stock symbols follow company names.

Mol Nyrt. (MOL) , Hungary’s largest refiner, rose 1.4 percent to 17,140 forint, rebounding from the lowest in three months at yesterday’s close after Goldman Sachs Group Inc. raised its target price for the stock.

Est Media Vagyonkezelo Nyrt. (ESTMEDIA HB), a Hungarian entertainment company, plunged for a fourth day. The stock slid 11 percent to 74 forint, a record low. An auction of the company’s shares failed on April 20.

No bids were accepted at the auction on the Budapest Stock Exchange on April 20, broker Equilor Befektetesi Zrt., which conducted the sale, said in a statement sent by e-mail. The company offered 2.7 million shares at the auction.

OTP Bank Nyrt. (OTP) , Hungary’s largest lender, rose 1.9 percent to 3,433 forint, rebounding from the lowest close in three months yesterday. OTP’s 2.9 percent drop yesterday pushed the stock’s 14-day relative strength index to 30 yesterday. An RSI of 30 or lower suggests to some technical analysts that a stock is oversold. The RSI last traded at 36. European stocks rebounded before reports on American consumer confidence and home sales.

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