BUX down, but outperforms Western markets

The Budapest Stock Exchangeʼs main BUX index finished down 1.28% at 21,122.94 Tuesday after gaining 0.29% Monday.

Although share prices on the BSE fell the BUX still managed to outperform Western European markets as foreign investors were occupied by a series of unfavorable macroeconomic data.

Activity in Chinese manufacturing contracted at its fastest pace for three years in August to which was added a survey showing weaker-than-expected sentiment Europeʼs manufacturing sector, specifically in Italy and France.

News from the United States also made traders cautious as the Institute for Supply Management reported Tuesday that its manufacturing index slid to 51.1 last month from 52.7 in July, with doubts lingering as to whether the Federal Reserve will commit itself to a rate hike in September.

OTP fell 1.15% to HUF 5,325 on turnover of HUF 4.16 bln from a HUF 7.66 bln session total. MOL was down 2.24% at HUF 13,550 on turnover of HUF 1.66 bln. Magyar Telekom lost 1.26% to HUF 393 on turnover of HUF 440 mln. Richterʼs share price decreased 0.28% to HUF 4,260 on turnover of HUF 1.23 bln.

The bourseʼs mid-cap BUMIX went out 1.32% lower at 1,610.88.

Elsewhere in the region, the WIG-20 in Warsaw was down 2.22%, while Pragueʼs PX fell 2.64%.

Western Europeʼs major indices were all down ahead of their close on Tuesday, the FTSE100 in London lost 3.14%, the DAX30 in Frankfurt 2.69%, and the CAC40 in Paris 2.97%.