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BUX down for a fourth day

Telco

The Budapest Stock Exchange's main BUX index finished down 1.12% at 17,808.58 Tuesday after dropping 1.10% Monday. It is up 7.06% from year-end, after losing 10.40% last year. Hungarian blue chips tried to step on the brake downhill while the Russian rouble recovered most of its Monday loss against major currencies and the Hungarian forint, but global mood pushed the BUX down for the fourth day in a row.

A deeper fall was, however, prevented by market players pricing in the prospect of an economic pick-up in Central Europe and some are hoping Moody's will change Hungary's rating outlook to positive from stable on Friday, reflecting recent positive economic data. After profit-taking following a strong February, another round of buying can be expected, traders say.

Magyar Telekom still shone partly on its pledge last week to renew dividend payment next year after a two-year pause, partly on the Monday announcement of its parent, Deutsche Telekom, of a €6 bln network development plan.

OTP lost 2.58% to HUF 4,150 on turnover of HUF 4.35 bln from a HUF 7.90 bln session total, 5% short of the daily average this year.

MOL fell 1.10% to HUF 11,710 on turnover of HUF 664 mln.

Magyar Telekom rose 1.79% to HUF 397, a new 22-month high, on turnover of HUF 1.64 bln.

Richter retreated 0.89% to HUF 3,766 on turnover of HUF 1.11 bln.

The bourse's mid-cap BUMIX went out 0.19% higher at 1,504.82.

Elsewhere in the region, the WIG 20 in Warsaw was down 1.32%, while Prague's PX dropped 0.74%. Western Europe's major indices were all down ahead of their close Tuesday, FTSE-100 in London 0.68%, DAX30 in Frankfurt 0.96%, and CAC40 in Paris 1.02%.

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