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Hungarian shares gain on Greek aid hopes

MOL Nyrt and OTP Bank Nyrt are advancing on Greek aid following the general assumption that European leaders are behind such actions, making Hungarian shares rise the most in two weeks.

In Budapest, BUX index increased by 1% to 22,526.74 this morning, which represents the biggest intraday gain since June 7 and compensates for the week’s decline of 0.8%. Meanwhile, MOL gained 1.9% to HUF 21,300 following 10 days of losses, and OTP 1.1% to HUF 5,790 .

Yesterday, European Union officials pledged to stabilize the euro-area economy as well as to provide aid to Greece on the condition that Greek Prime Minister George Papandreou pushes through a package of budget cuts next week.

According to Ákos Herczenik and Levente Blaho of Raiffeisen Bank, “Buyers may get the upper hand on the back of the Chinese and Greek news, and that may only be slightly affected by the American economic data.”

The forint strengthened 0.3% to 268.84 a euro, balancing weekly losses of 0.3%.