Hungary Stocks Jump Most in Year as Forint Soars on Weaker Franc
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Hungarian shares rallied the most in more than a year as the weaker Swiss franc eased concern of a potential jump in client defaults on foreign-currency mortgages.
The benchmark BUX index gained 4.5 percent, the biggest advance on a closing basis since July 8, 2010, to 18,840.19, by the 5 p.m. close in Budapest. The forint strengthened 1.4 percent to 269.8 per euro. The currency appreciated 3.1 percent against the Swiss franc to 239.5, extending its three-day gain to 11 percent, the most on record. OTP Bank Nyrt., the country’s biggest lender, rose 6 percent to 4,450 forint.