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BUX falls in last seconds trades

Telco

The Budapest Stock Exchangeʼs main BUX index finished down 0.12% at 21,875.86 Wednesday after rising 1.29% Tuesday. It is up 31.51% from year-end, after losing 10.40% last year.

Just as it well outperformed euro zone peers lately on the relative immunity of Hungary to contagion from Greece, the Budapest parquet was, in turn, left behind on Wednesday when new hopes for an after-hours agreement of Greece with its creditors whipped euro area markets into a rally after two days of serious plunges.

After oscillating between gains of 0.6-1.0% throughout the day, the BUX even turned slightly south in last seconds trades, hit by Fitch Ratingsʼ affirmation of MOLʼs ʼBBB minusʼ rating with negative outlook. Fitch cited pressures on the companyʼs operations from the challenging upstream environment and uncertainties over management rights in its Croatian subsidiary INA.

Among local factors capping the upside of BUX, analysts noted Hungaryʼs purchasing managersʼ index which showed a so far strong expansion easing in June, despite euro areaʼs fairly lackluster manufacturing expansion accelerating in June to a 14-month record, mainly on results in Germany, the largest economic partner of Hungary in the EU.

This followed a recent series of data on slowing growth or falls in retail trade, full-time employment, foreign trade surplus, market based corporate lending and inflows of EU funds in Hungary.

OTP won 0.45% to HUF 5,625 on turnover of HUF 8.17 bln from a HUF 12.93 bln session total, about a fifth above the daily average this year.

MOL fell 0.24% to HUF 14,445 on turnover of HUF 1.71 bln.

Magyar Telekom gained 0.76% to HUF 398 on turnover of HUF 463 mln.

Richter retreated 1.18% to HUF 4,200 on turnover of HUF 2.52 bln.

The bourseʼs mid-cap BUMIX went out 0.31% lower at 1,639.98.

Elsewhere in the region, WIG 20 in Warsaw was down 0.67%, while Pragueʼs PX rose 0.52%.

Western Europeʼs major indices were all up ahead of their close Wednesday, FTSE100 in London 1.42%, DAX30 in Frankfurt 2.28%, and CAC40 in Paris 2.15%.

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