Hungary’s biggest bank OTP and oil group MOL surge 15 each as investors cheer the $25.1 billion economic rescue package for Hungary from the IMF, the EU and World Bank.
Hungary’s BUX index jumps 10%. Also gaining from renewed buying are some of the region’s other blue chips. The Budapest Stock Exchange suspended trading in all shares and widened trading limits after the benchmark stock index gained the most in 10 years. From 2:45 p.m. in Budapest, all shares will be allowed to rise or fall 25%, instead of the usual 15%, the bourse said in a statement on its Web site today.
Czech utility CEZ, Central and Eastern Europe’s largest listed company, gains 18%, helping Prague’s PX index rise 10%. Polish copper miner KGHM adds 14% as Warsaw’s WIG20 index gains 5%. (Reuters)