BUX dragged down by turmoil in Western markets

Telco

The Budapest Stock Exchangeʼs main BUX index finished down 2.36% at 23,558.48 Tuesday after gaining 0.54% on Monday.

The BUX index fell throughout the day with especially heavy selling in the last two hours of trading. With no domestic macroeconomic data releases or major news to counterbalance bad news from abroad, the BUX index was at a weekly low. 

Share prices fell across the board with all four of the blue-chips losing in value as negative sentiment on Western European markets impacted trading.

International oil prices tumbled on Tuesday with the per barrel price of Brent falling to USD 33.04 with a 3.52% drop and the price of WTI down 3.46% at USD 30.53. Oil companies also took a beating dampening the mood of investors globally as BP Plc reported a 91% decline in fourth-quarter earnings and Exxon Mobil saw fourth-quarter earnings falling from USD 8.84 bln to USD 2.78 bln.

OTP lost 2.52% to HUF 6,000 on turnover of HUF 7.25 bln from a HUF 10.72 bln session total.

MOL was down 2.90% at HUF 13,580 on turnover of HUF 1.29 bln. 

Magyar Telekom dipped 0.25% to HUF 396 on turnover of HUF 344 mln. 

Richterʼs share price decreased 2.70% to HUF 5,471 on turnover of HUF 1.77 bln. 

The bourseʼs mid-cap BUMIX finished 0.47% lower at 1,655.40.

Elsewhere in the region, the WIG-20 in Warsaw was down 2.58% while Pragueʼs PX index lost 1.37%.

Western Europeʼs major indices were down ahead of the end of trading. The FTSE100 in London lost 2.39%, the DAX30 in Frankfurt was down by 1.97%, and the CAC40 in Paris was down 2.60%.

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