Free Trial

Local Equities Slide Following FinMin Comments

HUNGARY
Weakness across major global equity indices hampered performance of Hungarian stocks at the beginning of the European session. However, latest comments from finance minister Varga exacerbated losses with the index seen falling to its lowest level since Sep 1. Varga said that the government could consider imposing higher taxes on banks with the state budget off-course amid the recession and high inflation levels.
  • OTP Bank is leading the declines, with shares of the lender down almost 6%.
  • The moderate dip in the benchmark index was preceded by the 14-day RSI entering the expansionary 70-threshold late last week when the index reached a fresh all-time high. At typing, YTD gains of the index stand at around 20%.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.