OTP Bank Falls for Third Day on Growth Concern: Budapest Mover

OTP Bank Nyrt. (OTP), Hungary’s biggest lender, fell for a third day, leading the country’s stocks lower on concern that the slowing global economy is limiting appetite for riskier assets.

The shares dropped 2.5 percent to 3,840 forint by the close in Budapest, bringing the three-day slide to 6.1 percent. The BUX index of shares declined 0.3 percent to 18,684.10, retreating for a fourth day to the lowest in a week.

Emerging-market stocks fell the most in more than eight weeks after a survey signaled Chinese manufacturing shrank and data showed Japanese exports declined. Manufacturing in the Philadelphia region shrank for a fifth straight month in September, reinforcing signs the industry will offer less support to the U.S. economy.

“The general slump and negative mood in the world heralds a decline” for the Hungarian market, Jozsef Miro, a Budapest- based analyst at Erste Group Bank AG, wrote in a research report today.

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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