BUX closes just above break-even line
The Budapest Stock Exchangeʼs main BUX index finished up 0.01% at 27,396.89 on Wednesday as MOL was the only one of the four blue chips to close in positive territory.
After a weak opening, the BUX regained some ground and hovered around the break-even mark for the rest of the session.
OTP Bank lost 0.31% to HUF 6,978 on turnover of HUF 2.87 bln from a HUF 7.17 bln session total.
Oil and gas company MOL advanced 1.09% to HUF 16,745 on turnover of HUF 2.25 bln.
Drugmaker Richter edged down 0.04% to HUF 5,700 on turnover of HUF 1.65 bln.
Magyar Telekom fell 0.89% to HUF 446 on turnover of HUF 0.24 bln.
A 15% drop in the price of FHB Bank to HUF 578 triggered a suspension of trade of shares of the lender.
Prime Minister Viktor Orbán said in a letter on Monday that the government is "openly and unequivocally opposed" to the acquisition of further shares in FHB Bank by savings cooperatives. "We will take the necessary steps to prevent this," he added.
On Tuesday, Parliament approved amendments to rules on Hungaryʼs integrated savings cooperatives, their "central bank" and oversight of the sector.
The bourseʼs mid-cap BUMIX finished 2.36% lower at 1,717.77.
Elsewhere in the region, the WIG-20 in Warsaw gained 0.60% while Pragueʼs PX index was down 0.31%.
Western Europeʼs major indices were mixed before the end of trading. The FTSE100 in London edged up 0.09%, the DAX30 in Frankfurt was down by 0.84%, and the CAC40 in Paris fell 0.77%.
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.