BUX down for a third day

Telco

The Budapest Stock Exchange's main BUX index finished down 1.40% at 17,839.72 Thursday, after plunging 0.90% Wednesday. It is down 3.90% from the end of last year, after it rose 2.15% in 2013.

The Budapest parquet was down for the third consecutive day.

The slope flattened for most of the day, but the fall deepened after global stocks turned sharply south late afternoon.

The central bank's quarterly inflation report added to the gloom as it said that Hungary's economic growth and inflation may slow moderately compared to its baseline scenario as a result of the Ukraine-Russia conflict.

This could be mitigated by higher household consumption following banks' refunds to borrowers on past loans, the central bank added, but exactly this latter outlook continued to keep OTP under severe pressure.

Wire reports on a possible EUR 7.5 bln US bid for a stake in Telecom Italia supported peer shares in Europe for some time, also helping Magyar Telekom to avoid another fall.

OTP fell 3.87% to HUF 4,000 on turnover of HUF 11.42 bln from a HUF 14.14 bln session total, 70% more than the daily average this year.

MOL lost 0.65% to HUF 12,145 on turnover of HUF 991 mln.

Magyar Telekom ended flat at HUF 357 on turnover of HUF 801 mln.

Richter retreated 0.35% to HUF 4,012 on turnover of HUF 633 mln.

The bourse's mid-cap BUMIX went out 0.66% higher at 1,504.28.

Elsewhere in the region, Warsaw's WIG20 was up 0.01%, while Prague's PX rose 0.48%.

Western Europe's major indices were all down ahead of their close Thursday, FTSE-100 in London 1.10%, Frankfurt's DAX30 1.61%, and CAC40 in Paris 1.26%.

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