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

March 7 (Bloomberg) -- Hungary’s benchmark BUX stock index fell 0.6 percent to 18,511.92 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), Hungary’s largest lender, fell 2.6 percent to 3,689 forint, the lowest closing level since Jan. 18. Citigroup Inc. cut its recommendation to “neutral” from “buy” on the securities. The European Commission took a formal step toward seeking a court order to require Hungary to redraft laws, escalating a dispute obstructing talks on a bailout.

Magyar Telekom Nyrt. (MTEL HB), Hungary’s former phone monopoly, fell for a fifth day after news website Index reported that Hungary is planning to levy a special tax on telecommunications and public-utility companies. The shares declined 0.9 percent to 565 forint.

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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