BUX down after three-day rise

Telco

The Budapest Stock Exchange's main BUX index finished down 0.41% at 18,490.94 Thursday after rising 0.32% on Wednesday. It is 11.16up % from year-end, after losing 10.40% last year. The Budapest parquet fell after three days of slowing rise.

MOL's optimistic guidance published on Monday, and Magyar Telekom's marginally consensus-beating results out Wednesday evening still supported, but their gains were trimmed significantly towards close. Magyar Telekom results came in with a promise to pay a dividend next year after two years of pause.

Market mood was subdued after the Acceleration Indicator (GYIA), a kind of leading indicator compiled by business daily Vilaggazdasag, suggested annual economic growth steeply slowed in February from January. The finding was partly corroborated by fresh statistics on annual retail trade growth accelerating in December slightly above the annual average mainly on fuel sales, but annual investment growth grinding almost to a halt at 1.9% in the fourth quarter compared to last year's annual average growth of 14.0%.

A new assessment by the European Commission showed Hungary remaining among 16 EU-countries experiencing macroeconomic imbalances. While the Commission did not step up the macroeconomic imbalance procedure in Hungary's case, it said imbalances continue to require decisive policy action and monitoring as it saw no tangible improvement.

OTP lost 1.14% to HUF 4,345 on turnover of HUF 2.97 bln from a HUF 9.58 bln session total, 15% above the daily average this year.

MOL gained 0.24% to HUF 12,305 on turnover of HUF 2.02 bln.

Magyar Telekom rose 0.53% to HUF 382 on turnover of HUF 2.1 bln.

Richter retreated 0.62% to HUF 4,000 on turnover of HUF 2.23 bln.

The bourse's mid-cap BUMIX went out 0.50% lower at 1,497.64.

Elsewhere in the region, the WIG 20 in Warsaw was up 0.14%, while Prague's PX sank 0.03%. Western Europe's major indices were all up ahead of their close Thursday, FTSE-100 in London 0.20%, DAX30 in Frankfurt 1.01%, and CAC40 in Paris 0.55%.

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