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

Feb. 29 (Bloomberg) -- Hungary’s benchmark BUX stock index rose 0.4 percent to 19,286.54 at the close in Budapest. The following were among the most active equities in the Hungarian market today. Stock symbols follow company names.

OTP Bank Nyrt. (OTP HB) climbed 1.2 percent to 3,998 forint as Hungary’s largest lender unveiled a plan to help municipal borrowers and euro-area banks tapped the European Central Bank for more three-year cash than economists forecast.

Foldhitel es Jelzalogbank Nyrt. (FHB HB), a Hungarian mortgage lender, fell 1.2 percent to 579 forint. FHB’s 3.5 percent jump yesterday pushed the stock’s 14-day relative strength index to 75. A reading above 70 indicates to some technical analysts a security may decline. The RSI last stood at 71.

Magyar Telekom Nyrt. (MTEL HB), Hungary’s former phone monopoly, rose 1.9 percent to 591 forint as government bond yields fell, increasing the attractiveness of the company’s dividends.

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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