BUX climbs up some more

Telco

The Budapest Stock Exchange's main BUX index finished up 0.78% at 16,392.43 Wednesday after gaining 2.93% Tuesday. It is down 1.45% from year-end, after losing 10.40% last year.

The Budapest parquet recovered for a fourth day from last week's multi-year lows as analysts reckon local assets are less exposed to the Swiss franc's volatility than initially thought, while optimism prevail that a bond-buying programme the European Central Bank is expected to announce on Thursday will boost CEE assets, too.

OTP had fallen sharply after the Swiss move last week to scrap the franc's exchange rate cap against the euro, but it recovered fast as investors realised Hungary's franc exposure is low, following the fixing of the franc's and the euro's rate at a lower level in November last year for the purpose of converting forex home loans into forint debts.

OTP said on Wednesday it has raised capital at its Romanian unit, after the unit temporarily lowered interest rates for clients with Swiss franc-based loans last Friday.

OTP won 1.22% to HUF 3,733 on turnover of HUF 3.81 bln from a HUF 6.18 bln session total, less than half the daily average last year.

MOL gained 0.23% to HUF 11,025 on turnover of HUF 843 mln.

Magyar Telekom lost 0.87% to HUF 342 on turnover of HUF 119 mln.

Richter advanced 1.98% to HUF 3,602 on turnover of HUF 964 mln.

The bourse's mid-cap BUMIX went out 0.14% lower at 1,421.76.

Elsewhere in the region, the WIG 20 in Warsaw was up 1.79%, while Prague's PX rose 0.38%. Western Europe's major indices were all up ahead of their close Wednesday, FTSE-100 in London 1.40%, DAX30 in Frankfurt 0.29%, and CAC40 in Paris 0.55%.

ADVERTISEMENT

More Romanians at poverty risk since the COVID pandemic Analysis

More Romanians at poverty risk since the COVID pandemic

Meeting called to address Pegasus spyware lacks quorum  Parliament

Meeting called to address Pegasus spyware lacks quorum 

Skanska commercial dev unit names new EVP of operations Hung... Appointments

Skanska commercial dev unit names new EVP of operations Hung...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.