Hungarian stock market up after election results as forint strengthens

The Hungarian forint is rising to its strongest level against the euro since April 2022, according to Bloomberg.

In the election, Péter Magyar's social-conservative party, Tisza, won a two-thirds majority, giving it a so-called supermajority in parliament. Meanwhile, the Fidesz party of outgoing Prime Minister Viktor Orbán failed completely in the election.

From a market perspective, Tisza's supermajority is considered likely to strengthen the forint further, as markets assume Hungary's new government may move closer to the EU.

The Budapest Stock Exchange rose 3.3 percent, but the shares of the investment company Opus plummeted 27 percent. The company has connections to Viktor Orbán and Fidesz.