Mol Nyrt., Hungary’s largest refiner, led the benchmark equity index to a six month high as U.S. Federal Reserve stimulus boosted demand for oil and riskier emerging-market assets.
Mol advanced 8.5 percent to 19,040 forint for a 10 percent gain this week. The BUX stock index jumped 4 percent to 19,112.34, the highest level since March 23 and increasing this week’s gains to 4.8 percent, the most since January. OTP Bank Nyrt., the country’s biggest lender, rose 3.5 percent to a seven-month high of 4,088 forint.
Emerging-market stocks jumped the most in 11 months and oil hit $100 for the first time in four months after the Fed said it will expand holdings of long-term securities with open-ended purchases of $40 billion of mortgage debt a month and hold the federal funds rate near zero “at least through mid-2015.”
“Markets got what they wanted, the printing press is on,” Akos Kuti, a Budapest-based analyst at broker Equilor Befektetesi Zrt., wrote in an e-mailed report today. “Fresh money can now head toward riskier assets.”