BUX edges up in mixed trading
The Budapest Stock Exchangeʼs main BUX index finished up 0.18% at 25,878.61 on Tuesday after losing 0.41% on Monday.
The BUX index showed mixed movement throughout the whole day with share prices moving within a tight band. The BUX index reached its highest intra-day value at 25,926 representing a gain of only 0.30% and even at its lowest point it was just 0.52% down.
In a mostly unexpected move the National Bank of Hungaryʼs Monetary Council decided to lower the central bankʼs key rate by 15bp to 1.20% at a policy meeting on Tuesday, making a cut for the first time since last summer. Although rate cuts had been forecast by analysts for some time, it seemed unlikely that the MNB would restart its easing cycle now.
The BUX managed to slightly outperform Western European indexes which showed weakness for the second day in a row as airlines and hotel stocks slid after bomb blasts rocked Brussels airport and a central subway station.
OTP gained 0.16% to HUF 6,790 on turnover of HUF 4.35 bln from a HUF 10.69 bln session total.
MOL was up 1.08% at HUF 16,425 on turnover of HUF 2.61 bln.
Magyar Telekom climbed 0.46% to HUF 440 on turnover of HUF 1.43 bln.
Richter was down 0.99% at HUF 5,307 on turnover of HUF 2.16 bln.
The bourseʼs mid-cap BUMIX finished 0.43% higher at 1,732.80.
Elsewhere in the region, the WIG-20 in Warsaw was up 0.53% while Pragueʼs PX index lost 0.80%.
Western Europeʼs major indices were down ahead of the end of trading. The FTSE100 in London lost 0.14%, the CAC40 in Paris was down 0.28% and the DAX30 in Frankfurt was down 0.24%.
International oil prices were broadly stable as the per barrel price of Brent grew by 0.53% to USD 41.76 and the per barrel price of WTI decreased by 0.26% to USD 41.41.
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