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BUX down on weak performance of blue-chips

The Budapest Stock Exchangeʼs main BUX index finished down 1.00% at 22,940.84 on Wednesday after losing 0.69% on Tuesday with the share price of three out of four blue-chips falling.

OTP = -2.14%

MOL = -1.03%

MTEL = -0.97%

RICHTER = +0.40%

The BUX index started above the break-even mark, but then gradually dipped lower during the day with a stronger fall shortly before noon and one late afternoon.

European stock prices declined on Wednesday just like Tuesday as lower oil prices reinforce investorsʼ concerns about global growth. The per barrel price of Brent oil was down 0.69% at USD 33.04 and the price of WTI oil fell 2.64% to USD 31.03 per barrel.

National Bank of Hungary deputy governor Marton Nagy told analysts on Wednesday that he would not exclude a cut in the central bankʼs base rate during the rest of the year, but investors showed little reaction to the news.

OTP lost 2.14% to HUF 5,840 on turnover of HUF 7.36 bln from a HUF 10.86 bln session total.

MOL was down 1.03% at HUF 13,885 on turnover of HUF 1.54 bln as some HUF 500 bln in write-downs of assets detailed in an earnings report released Wednesday impacted the companyʼs share price.

Magyar Telekom slumped 0.97% to HUF 410 on turnover of HUF 572m as the companyʼs board officially announced, late in the morning, a proposal to pay a HUF 15-per-share dividend on 2015. Magyar Telekom is set to publish its quarterly earnings later on Wednesday. 

Richter was up 0.40% at HUF 4,970 on turnover of HUF 1.26 bln. 

The bourseʼs mid-cap BUMIX finished 0.35% higher at 1,696.46.

Elsewhere in the region, the WIG-20 in Warsaw was down 1.44% while Pragueʼs PX index lost 2.70%.

Western Europeʼs major indices were down ahead of the end of trading. The FTSE100 in London lost 1.67%, the CAC40 in Paris was down 2.23% and the DAX30 in Frankfurt fell by 2.76%.