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OTP Snaps 2-Day Drop on Central Bank Loan Plan: Budapest Mover

Sept. 27 (Bloomberg) -- OTP Bank Nyrt., Hungary’s largest lender, snapped two days of decline as the country’s central bank took steps to boost corporate lending and after emerging-market stocks rebounded.

OTP’s shares rose 2 percent to 3,877 forint by the close in Budapest after dropping 3.7 percent in the past two days. The benchmark BUX stock index advanced 1.5 percent.

The Magyar Nemzeti Bank, which cut its benchmark interest rate two days ago, will ease the terms and conditions of its two-year loan facility to boost corporate lending, according to its website. Emerging-market stocks rose, paring the steepest plunge in two months yesterday, on speculation policymakers will do more to support economic growth after Chinese industrial profits dropped.

“It can be seen that the Magyar Nemzeti Bank is striving to boost lending,” Akos Kuti, a Budapest-based analyst at broker Equilor Befektetesi Zrt., wrote in an e-mailed report today. “The rate cut has little impact on its own in the current environment.”

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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