MTel shares jump on tax retreat

Telco

Magyar Telekom's, the Hungarian unit of German telecoms giant Deutsche Telekom, share price jumped at the start of trade today after Prime Minister Viktor Orbán said a planned tax on internet traffic could not be introduced in its current form.

MTel's share price rose by 4.64%, reaching HUF 338 after the opening bell. The share price suffered last week when the government proposed a HUF 150 per gigabyte tax on internet traffic.

The bourse's other blue chips also started stronger, lifting the exchange's main BUX index 0.53% to 17,237.61. OTP Bank rose 0.94% to HUF 4,088, oil and gas company MOL climbed 0.48% to HUF 11,620 and drugmaker Richter advanced 0.40% to HUF 3,770.

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