OTP Bank Jumps Most in 4 Weeks on China Stimulus Speculation
OTP Bank Nyrt. (OTP), Hungary’s largest lender, advanced the most in four weeks as emerging-market stocks rallied on speculation that China’s government will announce further stimulus measures.
The shares rose 1.4 percent to 3,630 forint by the close in Budapest, the biggest jump since Aug. 6. The benchmark BUX stock index gained 0.5 percent to 17,592.14.
China’s Purchasing Managers Index fell to 49.2 in August from 50.1 in July, the National Bureau of Statistics and China Federation of Logistics and Purchasing said in Beijing. A separate manufacturing gauge released by HSBC Holdings Plc (HSBA) and Markit Economics was at 47.6, indicating the fastest contraction in more than three years.
“It is a widespread opinion that the data will provide a good reasoning for Chinese stimulus measures,” Jozsef Miro, a Budapest-based analyst at Erste Group Bank AG, wrote in a research report today.
The MSCI Emerging Markets Index climbed for a second day, headed for the biggest gain since Aug. 21.
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