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

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July 12 (Bloomberg) -- The benchmark BUX index fell 1.9 percent to 16,979.17 by the close in Budapest, retreating for the first time in four days.

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

Magyar Telekom Nyrt. (MTELEKOM HB), Hungary’s former phone monopoly controlled by Deutsche Telekom AG, fell the most in more than two weeks after announcing that it will increase prices as a result of “unfavorable economic and market processes.” The shares declined 2.5 percent to 431 forint.

Mol Nyrt. (MOL HB), Hungary’s largest refiner, fell 2.8 percent to 16,320 forint after Nomura Equity Research cut its price estimate for the stock by 13 percent on speculation crude prices will fall. Oil declined as the euro slumped to a two-year low, reducing investor appetite for raw materials, and on signals that the global economic recovery is faltering.

OTP Bank Nyrt. (OTP HB), Hungary’s largest lender, dropped 1.2 percent to 3,408 forint, a sixth consecutive day of losses. Emerging-market stocks slid for a seventh day on concern the global slowdown is worsening as South Korea unexpectedly cut its interest rate.

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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