BUX down 5.5%, forint hits new low against euro
The Budapest Stock Exchangeʼs main BUX index finished down 5.51% at 32,304.48 Monday, paring losses after dropping more than 12% during the session as investors dumped risky assets because of uncertainty over the impact of the coronavirus, while the forint weakened to a new low against the euro, according to Hungarian news agency MTI.
Image by Shutterstock.com
Other indices in the region and in Western Europe also regained some ground after steep losses - in spite of central bank measures - but were still deep in the red ahead of the end of trade.
OTP Bank lost 7.27% to HUF 10,200 on turnover of HUF 16.75 billion, more than half of the HUF 27.32 bln session total.
Oil and gas company MOL dropped 7.03% to HUF 1,720 on turnover of HUF 4.01 bln.
Magyar Telekom gained 4.47% to HUF 374 on turnover of HUF 526 mln.
Pharma share Richter fell 4.37% to HUF 5,690 on turnover of HUF 4.4 bln.
The bourseʼs mid-cap BUMIX finished 5.81% lower at 2,536.43.
Global oil prices slid as the per-barrel price of Brent fell 10.07% to USD 30.46 and the price of WTI dropped 6.85% to USD 29.91.
The forint traded at 342.78 to the euro at 5:30 p.m. on Mondayʼs interbank market, down from 339.64 late on Friday.
The forint weakened as far as 345.34 to the euro in the afternoon on Monday, a new historical low.
The currency weakened after Prime Minister Viktor Orbán announced further restrictions to contain the spread of the coronavirus and said the budget would have to be redrafted.
The forint traded at 307.18 to the dollar Monday evening, up from 307.28 on Friday.
It was quoted at 324.45 to the Swiss franc, compared to 321.79 earlier.
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.