BUX further up on OTP

Telco

The Budapest Stock Exchange's main BUX index finished up 0.26% at 17,884.71 Tuesday, after rising 1.24% Monday. It is down 3.66% from the end of last year, after it rose 2.15% in 2013. It is up 0.59% on the month, but down 3.88% on the quarter.

After a four-day losing streak to a six-week low, the Budapest parquet adjusted upwards for a second day, although gloom again engulfed the market for most of the day. Worries for company profits grew after fresh statistics showed producer prices rose faster in August on a monthly basis, but the fall on annual terms accelerated.

But OTP still propped up the BUX after the bank reportedly made a non-binding offer of EUR 300 mln for state-owned Nova Kreditna Banka Maribor, Slovenia's second-largest lender by assets. This convinced investors that OTP is liquid enough in spite of the burden of the mandatory debtor relief.

OTP rose 2.83% to HUF 4,180 on turnover of HUF 5.71 bln from a HUF 8.16 bln session total, a hair less than daily average this year.

MOL lost 1.15% to HUF 12,050 on turnover of HUF 685 mln.

Magyar Telekom added 0.84% to HUF 362 on turnover of HUF 294 mln.

Richter retreated 1.51% to HUF 3,850 on turnover of HUF 1.40 bln.

The bourse's mid-cap BUMIX went out 0.30% lower at 1,491.37.

Elsewhere in the region, Warsaw's WIG20 was up 0.80%, while Prague's PX garnered 0.52%.

Western Europe's major indices were mixed ahead of their close Tuesday, FTSE-100 in London down 0.24%, Frankfurt's DAX30 up 0.66%, and CAC40 in Paris up 1.60%.

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