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BUX down as Richter tumbles

Telco

The Budapest Stock Exchangeʼs main BUX index finished down 2.97% at 22,571.80 on Tuesday after losing 1.59% on Monday. The BUX index continued to fall on Tuesday after losses on Monday because of the weak performance of Richter and persistently bad investor sentiment in Western European markets.

Drugmaker Richter reported good Q4 quarterly earnings in the early morning and its shares traded as high as HUF 5,417 early in the session. But the price of Richter shares later tumbled as at a press conference CEO Erik Bogsch said the company expects revenue, calculated in euros, to drop about 5% this year.

European stocks meanwhile were lower for a seventh day as investors are still showing worries over the state of the global economic recovery. European bank stocks were especially hit hard on Tuesday, but on the plus side American share indexes began showing some strength during the afternoon.

OTP lost 2.70% to HUF 5,775 on turnover of HUF 7.59 bln from a HUF 18.19 bln session total.

MOL was down 0.51% at HUF 13,710 on turnover of HUF 929 mln.

Magyar Telekom was also down 0.51% at HUF 391 on turnover of HUF 605 mln.

Richterʼs share price dropped 6.91% to HUF 4,887 on turnover of HUF 8.98 bln.

The bourseʼs mid-cap BUMIX finished 0.82% lower at 1,636.14.

Elsewhere in the region, the WIG-20 in Warsaw was down 0.13% while Pragueʼs PX index fell 2.24%.

Western Europeʼs major indices were down ahead of the end of trading. The FTSE100 in London lost 0.82%, the DAX30 in Frankfurt was down 0.84% and the CAC40 in Paris slipped 1.56%.

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