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BUX falls but outperforms on China worries

Telco

The Budapest Stock Exchangeʼs main BUX index finished down 0.36% at 22,202.01, Wednesday after falling 1.16% Tuesday. It is up 33.47% from year-end, after losing 10.40% last year.

Global market horror at a 4% devaluation of the Chinese yuan in two days, and a rack of worse than expected data out on Wednesday from the worldʼs second largest economy, China, pulled the Budapest bourse down, too, but the BUX still outperformed most of its peers in the euro zone and in other developing nations more exposed to China either through large volume foreign trade or the plunge in commodity prices in the wake of the Chinese deceleration, or both.

In domestic news, official statistics confirmed in a second reading that Hungaryʼs industrial production in seasonally and workday-adjusted terms returned to a slight monthly growth in June after a small fall in May, continuing the uneven trend of the last few years, while in annual comparison output volume expansion and export sales growth slowed, and domestic sales of industry fell for a second month.

OTP gained 0.18% to HUF 5,700 on turnover of HUF 2.13 bln from a HUF 6.39 bln session total, about two-thirds of the daily average this year.

MOL shed 0.80% to HUF 14,275 on turnover of HUF 2.20 bln.

Magyar Telekom dropped 0.98% to HUF 405 on turnover of HUF 661 mln.

Richter retreated 0.34% to HUF 4,390 on turnover of HUF 1.14 bln.

The bourseʼs mid-cap BUMIX went out 0.34% lower at 1,685.52.

Elsewhere in the region, WIG 20 in Warsaw was down 1.02%, while Pragueʼs PX slid 1.44%.

Western Europeʼs major indices were all down ahead of their close on Wednesday, FTSE100 in London 1.76%, DAX30 in Frankfurt 3.20%, and CAC40 in Paris 3.51%.

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