BUX closes just above break-even line

Telco

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%.

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