Forint & Stocks Rally On EU Budget Deal

  • 10 Dec 2020 8:49 AM
  • Hungary Around the Clock
Forint & Stocks Rally On EU Budget Deal
News that Hungary and Poland agreed to proposals by the German EU presidency on averting a veto of the EU budget by the two countries lifted share prices on the Budapest Stock Exchange.

The benchmark BUX index surged 2.6% after a 1.2% gain on the previous day.

With these gains, the BUX was one of the best-performing bourses in Europe on the day.

OTP shares shot up 4.4% to a session high of Ft 12,840 on turnover of Ft 14.3 billion.

MOL also gained ground, adding 3.4% to its value ending the day at Ft 2,066. Magyar Telekom and Richter both edged down.

The agreement also led to a rally in the forint, which was trading above the 361 level versus the euro.

On Wednesday the currency pair was quoted at 357.

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