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BUX up on buying into losses

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The Budapest Stock Exchange's main BUX index finished up 0.60% at 18,522.77 Monday, after diving 1.80% Friday. It is down 0.22% from the end of last year, after it rose 2.15% in 2013. Last week, it fell 1.49% after gaining 0.54% over the previous week.

Most shares rebounded after the serious thrashing they suffered on Friday.

The general environment did not change. Worries over a probable slowdown of economic growth in Hungary and in the euro area as well as for the government's debtor relief programme, and for a possible souring of the EU-Russian tit-for-tat war of sanctions are still there. But prices of shares severely battered on Friday seemed more attractive to daredevil investors who sneaked back in thin numbers after a massive bailout on Friday.

The outstanding exception was MOL, still falling, after a new controversy concerning MOL's Croatian subsidiary, INA, emerged over the weekend. Croatian press reports suggested the Croatian government was all but convinced that INA wanted to close down one its two refineries in Croatia, prompting Croatia's economy minister to accuse MOL of harmful intensions against his country, while an official statement from INA was equivocal as it said it was reviewing its refinery business and all options were open.

OTP won 1.00% to HUF 4,449 on turnover of HUF 1.49 bln from a HUF 3.95 bln session total, less than half the daily average this year.

MOL fell 1.37% to HUF 12,250 on turnover of HUF 692 mln.

Magyar Telekom recuperated 1.71% to HUF 357 on turnover of HUF 1.06 bln.

Richter advanced 2.06% to HUF 4,062 on turnover of HUF 618 mln.

The bourse's mid-cap BUMIX went out 0.45% lower at 1,486.57.

Elsewhere in the region, Warsaw's WIG20 was down 0.67%, while Prague's PX dropped 0.90%.

Western Europe's major indices were all down ahead of their close Monday, FTSE-100 in London 0.97%, Frankfurt's DAX30 0.50%, and CAC40 in Paris 0.52%.

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