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BUX again bucks European trend

Telco

The Budapest Stock Exchange's main BUX index finished down 0.37% at 17,488.21 Thursday, after losing 0.31% Wednesday. It is down 5.80% from the end of last year, after it rose 2.15% in 2013.

While European indexes mostly rose on more verbal intervention from ECB chief Mario Draghi, dismal tax and balance sheet perspectives for Hungarian activities of foreign banks, retail chains and media ventures with possible repercussions for household consumption, market talk on household debtors benefiting less from debtors relief legislation than the government pledged, and very low volumes due to a market holiday in the US kept the Budapest parquet subdued.

Contributing to unease was a repeated rejection by the Hungarian customs and tax authority late Wednesday of whistleblower allegations about graft within the authority, while the US government keeps a ban of entry for suspected corruption in force against six Hungarian government-related officials, with the head of the customs and tax office among them.

Pessimism balanced fresh statistics on falling unemployment in Hungary in the three months through October.

OTP fell 0.13% to HUF 3,971 on turnover of HUF 784m from a HUF 1.75 bln session total, a fifth of the daily average this year.

MOL lost 0.65% to HUF 12,320 on turnover of HUF 411m.

Magyar Telekom dropped 0.29% to HUF 338 on turnover of HUF 43m.

Richter retreated 0.50% to HUF 3,801 on turnover of HUF 420m.

The bourse's mid-cap BUMIX went out 0.20% lower at 1,463.05.

Elsewhere in the region, Warsaw's WIG20 was up 0.32%, while Prague's PX rose 0.68%. Western Europe's major indices were mixed ahead of their close Thursday, FTSE-100 in London down 0.03%, DAX30 in Frankfurt up 0.51%, and CAC40 in Paris up 0.24%.

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