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BUX down with European peers

Telco

The Budapest Stock Exchange's main BUX index finished down 1.43% at 18,257.13 Tuesday, after rising 0.60% Monday. It is down 1.65% from the end of last year, after it rose 2.15% in 2013.

The Budapest parquet fell in line with other emerging markets in the region and beyond as lacklustre growth outlook in Europe in the wake of fresh PMIs added to worries concerning exports.

Shares were in low demand all over Europe as disappointing euro area PMIs and the first US air strike in Syria favoured top rated sovereign debt instead.

OTP was specially hit by an announcement of Raiffeisen Bank International, warning of its first ever annual loss because of problems and extraordinary costs in Hungary and Ukraine.

MOL was still held down after the supreme court of Croatia had given green light to criminal prosecution in absentia of the company's CEO on charges MOL gained management rights in its Croatian subsidiary, INA, through corruption.

Magyar Telekom and Richter attracted fading speculative demand intraday after steep losses last week, but towards the end of trade they also went with the crowd.

OTP lost 3.12% to HUF 4,310 on turnover of HUF 8.95 bln from a HUF 12.0 bln session total, 45% more than the daily average this year.

MOL fell 1.18% to HUF 12,105 on turnover of HUF 1.55 bln.

Magyar Telekom ended flat at HUF 357 on turnover of HUF 472 mln.

Richter retreated 0.42% to HUF 4,045 on turnover of HUF 933 mln.

The bourse's mid-cap BUMIX went out 0.14% higher at 1,488.61.

Elsewhere in the region, Warsaw's WIG20 was down 1.15%, while Prague's PX dropped 1.09%.

Western Europe's major indices were all down ahead of their close Tuesday, FTSE-100 in London 1.25%, Frankfurt's DAX30 0.89%, and CAC40 in Paris 1.47%.

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