BUX drops with Europe, ECB boost only temporary

Telco

The Budapest Stock Exchangeʼs main BUX index finished down 0.36% at 25,254.65 on Thursday, as measures announced by the European Central Bank lifted share prices only temporarily.

The BUX was in the red for most of the morning, and a statement by National Bank of Hungary deputy governor Márton Nagy that the central bank is likely to cut its key rate this year failed to improve the mood. The BUX rose after the European Central Bank announced interest rate cuts and the broadening of its assets-purchase programme, but the positive mood evaporated soon after, tracking the movements of other big indices in Europe. 

OTP gained 0.26% to HUF 6,648 on turnover of HUF 8.8 bln from a HUF 13.7 bln session total.

MOL was flat at HUF 15,500 on turnover of HUF 2.4 bln.

Magyar Telekom lost 0.91% to HUF 436 on turnover of HUF 0.9 bln.

Richter was down 1.30% at HUF 5,304 on turnover of HUF 1.8 bln.

The bourseʼs mid-cap BUMIX finished 0.39% lower at 1,721.35.

Elsewhere in the region, the WIG-20 in Warsaw was up 0.46% while Pragueʼs PX index gained 1.06%.

Western Europeʼs major indices were down ahead of the end of trading. The FTSE100 in London lost 1.11%, the CAC40 in Paris slipped 0.75% and the DAX30 in Frankfurt fell 1.47%.

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