OTP Bank Falls for Third Day on Growth Concern: Budapest Mover
The shares dropped 2.5 percent to 3,840 forint by the close in Budapest, bringing the three-day slide to 6.1 percent. The BUX index of shares declined 0.3 percent to 18,684.10, retreating for a fourth day to the lowest in a week.
Emerging-market stocks fell the most in more than eight weeks after a survey signaled Chinese manufacturing shrank and data showed Japanese exports declined. Manufacturing in the Philadelphia region shrank for a fifth straight month in September, reinforcing signs the industry will offer less support to the U.S. economy.
“The general slump and negative mood in the world heralds a decline” for the Hungarian market, Jozsef Miro, a Budapest- based analyst at Erste Group Bank AG, wrote in a research report today.
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