CEE MARKETS-FX virtually unchanged, Budapest stocks outperform

  • 3/16/2021
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BUCHAREST, March 16 (Reuters) - Central European currencies were mixed in thin trading on Tuesday and regional stocks retreated from highs in the previous session, with Budapest outperforming the region, helped by leading pharmaceutical company Richter Gedeon. On Monday, Prague"s main share index tested 2021 highs and Warsaw hit a two-month peak as central European equities started the week on stronger ground on the back of global recovery hopes, while currencies moved sideways. By 1020 GMT, Budapest"s rose as much as 1.78% to an almost two-week high of 44,490. Richter outperformed the wider market by gaining 2.96%, which "was due to technical reasons," a Budapest-based stock trader said. The Prague PX index shed 0.17% and Warsaw"s blue-chip index was virtually unchanged. Widely seen as cheaper than U.S. or other peers, central Europe"s stocks have received a boost in recent days after the $1.9 trillion U.S. stimulus package was approved. The National Bank of Hungary (NBH) offered to buy 2026/F, 2033/A, 2038/A and 2041/A bonds from banks on Tuesday. Results are due at 1200 GMT. Last week, the NBH adjusted its bond-buying program, saying it would make purchases flexibly, without limits on individual bond series in order to ensure market stability. Traders said they did not expect NBH"s step to be able to counter the effect of rising core market yields on Hungary but could help soften the impact. The forint edged down as far as 367.2 per euro in early trade on Tuesday. Markets in Hungary were closed for a national holiday on Monday, which resulted in an illiquid forint market, Erste Bank wrote in a note. Elsewhere, Poland"s central bank will publish net inflation and current account data at 1300 GMT, with the latter expected to show a large surplus. "In our opinion, the zloty will remain concentrated around 4.59 per euro today, although today"s domestic data on a high current account surplus should theoretically support the zloty strengthening," Bank Millennium wrote in a note. CEE SNAPSHOT AT 1140 MARKETS CET CURRENCIE S Latest Previous Daily Change bid close change in 2021 Czech 26.1990 26.1750 -0.09% +0.11% crown Hungary 367.2500 367.5500 +0.01% -1.23% forint Polish 4.5945 4.5915 -0.07% -0.77% zloty Romanian 4.8865 4.8855 -0.02% -0.44% leu Croatian 7.5770 7.5815 +0.06% -0.39% kuna Serbian 117.4800 117.5800 +0.09% +0.08% dinar Note: calculated from 1800 CET daily change Latest Previous Daily Change close change in 2021 Prague 1080.23 1081.5100 -0.12% +5.17% Budapest 44365.10 43711.84 +1.49% +5.36% Warsaw 2002.27 2001.24 +0.05% +0.92% Buchares 10800.59 10783.89 +0.15% +10.15% t Ljubljan 996.14 994.19 +0.20% +10.58% a Zagreb 1881.95 1877.84 +0.22% +8.20% Belgrade <.BELEX15 741.93 749.21 -0.97% -0.89% > Sofia 489.11 488.47 +0.13% +9.29% Yield Yield Spread Daily (bid) change vs Bund change in Czech spread Republic 2-year 5-year Poland 2-year 5-year FORWARD 3x6 6x9 9x12 3M interbank Czech < 0.43 0.63 0.91 0.36 Rep PRIBOR=> Hungary < 0.96 1.13 1.02 0.77 BUBOR=> Poland < 0.24 0.25 0.31 0.21 WIBOR=> Note: are for ask prices FRA quotes **************************************************** ********** (Reporting by Radu Marinas in Bucharest, Anita Komuves in Budapest and Alan Charlish in Warsaw; Editing by Krishna Chandra Eluri)

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