BUX finishes at new high

Telco

The Budapest Stock Exchangeʼs main BUX index on Wednesday finished up 0.58% at 24,000.54, a new more than four-and-a-half-year high, after rising 0.97% Tuesday. It is up 0.33% from year-end. It finished the past year 43.81% higher, after losing 10.40% in 2014.

Domestic news helped the Budapest parquet resist pressure from Western markets that resumed falls on tension caused by North Koreaʼs hydrogen bomb test, new eleven-year lows of crude oil prices, and sad economic outlook in Asian emerging markets.

Hungary had a fiscal deficit of about 2% of GDP last year, down on the 2.4% target, and state debt fell below 76% from 76.2% at the end of 2014, according to preliminary figures, National Economy Minister Mihaly Varga told the press on Wednesday.

Satisfaction, however, was tempered by some analysts views, pointing out that higher government revenues, while benefit balances, also reflect a tax burden on companies that stifles borrowing and investment.

Also on the downside, fresh official data showed industrial producer prices sank for the fourth consecutive month on the year in November in Hungary.

Oil company MOL profited from news that Gulf Keystone Petroleum received payment from the Kurdistan regional government in Iraq for December crude oil exports from the Shaikan field.

Gulf Keystone is the field operator with a 75% stake with MOL holding 20%.

This marks the fourth consecutive gross payment for crude oil exports from the Shaikan field since the regional government has announced in August that it would resume back payments for oil exports from the region.

Drugmaker Richter continued to benefit from hopes for the European success of one its prospective products. On Monday, it announced that the European Medicines Agency (EMA) has accepted its regulatory submission for its proposed biosimilar to a product of Eli Lilly.

OTP lost 0.43% to HUF 5,959 on turnover of HUF 3.79 bln from a preliminary HUF 7.96 bln session total, about a tenth short of last yearʼs daily average.

MOL rose 0.92% to HUF 14,280 on turnover of HUF 953 mln.

Magyar Telekom garnered 0.49% to HUF 409 on turnover of HUF 201 mln.

Richter advanced 1.46% to HUF 5,570 on turnover of HUF 2.92 bln.

The bourseʼs mid-cap BUMIX went out 0.18% higher at 1,646.45.

Elsewhere in the region, WIG 20 in Warsaw was closed for a bank holiday, Pragueʼs PX slid 0.52%.

Western Europeʼs major indices were all down ahead of their close on Wednesday, FTSE100 in London 1.32%, DAX30 in Frankfurt 1.21%, and CAC40 in Paris 1.58%.

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