"Shares tumbled 4.2% on the Budapest Stock Exchange in the first trading session of the week, on Wednesday, led by MOL and OTP, both shedding more than 6% of their value. The markets reacted with a sharp sell-off to news that Greece is to hold a referendum on the bailout package agreed last week.The forint gained 1% against the euro after hitting Ft 309 on Monday.
The Hungarian currency remains vulnerable and will react to the headlines, Commerzbank currency trader Ákos Ruzsonyi told Napi Gazdaság. The rate is unlikely to strengthen below Ft 300 per euro in the near future, he added.
There was lacklustre demand at Wednesday’s auction of three-month treasury bills. Investors placed Ft 51.7 billion in bids for the Ft 40 billion offered. The average yield was 6.3%, which is 25 basis points higher than one week earlier."
Source: Hungary Around the Clock
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03.11.2011