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BUX down in week-end profit taking

Telco

The Budapest Stock Exchange's main BUX index finished down 1.33% at 16,222,75 Friday, after rising 1.55% Thursday. It is down 2.47% from year-end, after losing 10.40% last year. The Budapest parquet snapped two days of rises in accelerating profit taking, while dropping German industrial data out Friday pointed to slowdown in Hungary's main export market, and Western bourses fell.

Local figures showed Hungary's foreign trade performed better in November than in October, but annual growth lagged the average of the first eleven months.

The EUR 832 mln surplus is the largest on record for November, but the eleven-month surplus is the smallest of the past four years.

Expectations for further rate cuts by the National Bank of Hungary (NBH) and the belief in the effectiveness of the ECB's much-awaited quantitative easing receded after news reports suggested the ECB aimed at a measure of risk sharing with member-country central banks in expected purchases of euro area sovereigns, in order to appease German opposition.

OTP lost 2.01% to HUF 3,650 on turnover of HUF 2.16 bln from a HUF 3.63 bln session total, less than half the daily average last year.

MOL fell 0.60% to HUF 11,630 on turnover of HUF 381 mln.

Magyar Telekom dipped also 0.60% to HUF 333 on turnover of HUF 171 mln

Richter retreated 1.90% to HUF 3,360 on turnover of HUF 826 mln

The bourse's mid-cap BUMIX went out 0.48% lower at 1,428.61.

Over the week, the BUX lost 2.47% after gaining 0.70% in the previous, holiday-shortened week.

OTP was down 4.22% after winning 0.82% last week.

MOL rose 0.74% after improving 0.57% the previous week.

Magyar Telekom dropped 1.48% after rising 0.90% last week.

Richter lost 4.95% after advancing 0.71% over the previous week.

Elsewhere in the region, the WIG 20 in Warsaw was down 0.96%, while Prague's PX eased 0.03%. Western Europe's major indices were all down ahead of their close Friday, FTSE-100 in London 1.44%, DAX30 in Frankfurt 2.35%, and CAC40 in Paris 2.57%.

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