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BUX down with European peers

Telco

The Budapest Stock Exchange's main BUX index finished down 1.77% at 17,336.26 Monday, after surging 1.09% Friday. It is down 6.61% from the end of last year, after it rose 2.15% in 2013. Last week it fell 0.29% after sinking 1.08% the previous week. With the turn of tide all over Europe, the Budapest parquet also took a dip.

It underperformed on worries about the draft 2015 budget which is expected to lean heavily on banks' refunds to clients. The budget is to reflect efforts to make 2015 the year of "holding banks accountable", leaving families with more money and strengthening domestic demand, the National Economy Ministry said in a comment on Monday without further details. The government also aims to launch a large-scale reduction of bureaucracy to improve competitiveness, it added. The government is to submit the budget to parliament by the end of this month.

Further moves against Hungarian banks also weighed on the market after a court started to discuss the lawsuit launched by banks against a HUF 9.5 bln fine imposed a year ago on cartel charges.

OTP fell 1.06% to HUF 3,999 on turnover of HUF 1.66 bln from a HUF 3.01 bln session total, little more than one-third of the daily average this year.

MOL lost 2.66% to HUF 11,505 on turnover of HUF 457 mln.

Magyar Telekom dropped 2.23% to HUF 351 on turnover of HUF 290 mln.

Richter retreated 1.41% to HUF 3,850 on turnover of HUF 402 mln.

The bourse's mid-cap BUMIX went out 1.59% lower at 1,465.70

Elsewhere in the region, Warsaw's WIG20 was down 0.41%, while Prague's PX dipped 0.09%. Western Europe's major indices were all down ahead of their close Monday, FTSE-100 in London 0.59%, DAX30 in Frankfurt 1.32%, and CAC40 in Paris 0.94%.

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