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As a result of the reversal in the veto, a big rally began in the Hungarian stock exchange, OTP and Mol, Hungary’s two biggest blue chips that performed best this afternoon.
Today’s rally is also technically important for OTP, as the exchange rate, which has been essentially sideways for weeks, has been able to explode higher and even surpassed the local peak in mid-November, significantly improving the technical outlook for the bank paper.
Mol’s share price is also rising sharply, although the paper is still down 29.4 percent this year.
Meanwhile, there was also a big rally in the Polish stock market, with WIG20 up 2.4 percent today.
The current top performer on the Polish stock exchange is Lotos, which is primarily engaged in oil refining and related product trading, owns the second largest refinery in Poland and has been a member of the Warsaw Stock Exchange since 2005. The majority owner of the company is the Polish state, with 53.19 percent. The company will merge with PKN Orlen, where the state is also a co-owner, by 27 percent, but is expected to grow further. The merger was approved by the European Commission in July.
Lotos, like other oil companies, has been on the rise since November on news of an effective vaccination against the coronavirus, which predicts an economic recovery. After giving up the Polish veto, the shares have already rallied more than 9 percent.
PGE is also doing well, that is, Polska Groupa Energetyczna, Poland’s largest electricity producer, is also a state-owned company, and the Polish State Treasury owns 57.4% of the shares. The shares were up more than 7 percent today.
And in the banking sector, Pekao, one of Poland’s largest banks, is doing very well, with share prices now rising nearly 6 percent after the news of the Polish veto.
Just to put events in perspective, the mood on the European stock exchanges is basically good today, but the Hungarian and Polish markets are far superior.
Cover Image: Akos Stiller / Bloomberg via Getty Images
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