BUX finishes up after late rally

Telco

The Budapest Stock Exchangeʼs main BUX index finished up 1.04% at 26,899.84 Tuesday after gaining 1.89% on Monday.

The BUX index showed strong gain in early trade and was still up almost 0.50% around noon. During the afternoon the BUX index briefly fell below the break-even mark, but then it rebounded and rose sharply to finish at its intraday high at the end of trading. Out of the four blue-chips Magyar Telekom failed to keep pace with the others.

In Western Europe stock prices rebounded as investors were speculating that a selloff last week had been overdone. Banks and carmakers advanced. 

OTP gained 0.99% to HUF 7,130 on turnover of HUF 3.05 bln from a HUF 6.75 bln session total.

MOL was up 0.51% at HUF 16,595 on turnover of HUF 1.07 bln. 

Magyar Telekom was down 0.21% at HUF 465 on turnover of HUF 541m. 

Richter climbed 2.30% to HUF 5,596 on turnover of HUF 1.93 bln. Citigroup raised its target price for Richter to HUF 5,450 with a recommendation to hold after the earlier recommendation to sell.

The bourseʼs mid-cap BUMIX finished 0.55% higher at 1,786.25.

Elsewhere in the region, the WIG-20 in Warsaw was down 1.26% while Pragueʼs PX index gained 0.61%.

Western Europeʼs major indices were up the end of trading. The FTSE100 in London gained 0.74%, the DAX30 in Frankfurt was up by 0.59%, and the CAC40 in Paris by 0.28%.

International oil prices rose as the per barrel price of Brent jumped by 3.35% to USD 45.09 and the per barrel price of WTI gained 2.07% to USD 44.34.

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