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BUX edges down, tracking European peers

Telco

The Budapest Stock Exchangeʼs main BUX index finished down 0.23 % at 23,013.88 on Tuesday after gaining 1.59 % on Monday. The BUX index made some gains early in the morning but by the end of the first hour of trading it was below the break-even mark and it remained in negative territory for the rest of the day.

The BUX index ended lower on Tuesday as sentiment on European markets again soured with investors fretting about global growth prospects. The price of Brent crude oil also took a hit, falling 3.31 % to as low as USD 32.29 per barrel. Energy stocks reversed an advance and prices of bank stocks decreased.

An optimistic report published late afternoon by the International Monetary Fund about Hungaryʼs economic performance gave some confidence to investors and the BUX index began to rise but it was not enough to compensate for earlier losses.

OTP lost 0.58 % to HUF 5,965 on turnover of HUF 2.62 bln from a HUF 6.17 bln session total.

MOL was unchanged at HUF 13,700 on turnover of HUF 1.09 bln.

Magyar Telekom was down 0.25 % at HUF 393 on turnover of HUF 490 mln.

Richter edged down 0.04 % to HUF 5,043 on turnover of HUF 1.90 bln.

The bourseʼs mid-cap BUMIX finished 0.05 % higher at 1,656.24.

Elsewhere in the region, the WIG-20 in Warsaw was down 0.23 % while Pragueʼs PX index fell 1.65 %.

Western Europeʼs major indices were down ahead of the end of trading. The DAX30 in Frankfurt lost 1.05 % and the CAC40 in Paris fell 0.38 %. The FTSE100 in London was the sole exception, gaining 0.39 %.

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