OTP Bank Retreats Most This Month on Greek Aid Concern
OTP Bank Nyrt. (OTP), Hungary’s largest lender, dropped the most this month as Europe’s finance ministers held back approval of a rescue package for Greece, eroding demand for riskier emerging-market assets.
The shares fell 2.1 percent to 3,975 forint by 5 p.m. in Budapest, extending the decline this week to 3.3 percent after a 25 percent rally in January.
The MSCI Emerging Markets Index dropped as much as 2 percent today after Greek Finance Minister Evangelos Venizelos said a parliamentary vote set to begin this weekend amounted to a ballot on euro membership as the country faced further delays to an aid package.
“Investors have taken their feet off the accelerator on the domestic market,” Akos Kuti, a Budapest-based analyst at Equilor Befektetesi Zrt., and colleagues wrote in an e-mailed report today. “After it seemed last week the Greek drama would be ending, it turned out we just opened a new chapter.”
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