Hungary Stocks: OTP Bank, Magyar Telekom Shares Move in Budapest

The benchmark BUX (BUX) index rose 1.5 percent to 17,805.75 by the close in Budapest.

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

OTP Bank Nyrt. (OTP) , Hungary’s largest lender, rose 3.8 percent to 3,777 forint. Hungary progressed toward bailout talks with the International Monetary Fund. Greece moved toward forming a government and a Spanish debt sale met targets, easing concern the European debt crisis will escalate.

Magyar Telekom Nyrt. (MTELEKOM HB), the Hungarian unit of Deutsche Telekom AG, fell 1.1 percent to 454 forint. Erste Group Bank cut its price target for Magyar Telekom to 470 forint from 500 forint and reduced its 2012 dividend estimate for the company to 40 forint from 50 forint. Erste raised Magyar Telekom’s recommendation to hold from reduce.

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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