BUX lags behind European peers

Telco

The Budapest Stock Exchangeʼs main BUX index finished up 0.30% at 23,073.63 Tuesday after losing 0.52% on Monday. The BUX index was above the break-even point throughout the day, but trading was somewhat hectic with traders unable to lock in higher gains.

The National Bank of Hungaryʼs Monetary Council left the central bank base rate unchanged at 1.35% at a policy meeting on Tuesday. But the rate-setters suggested they could use "unconventional, targeted" instruments to continue to support a further loosening of monetary conditions. Share prices rose following the meeting of the Monetary Council.

Investors reacted favorably when the Government Debt Management Agency (ÁKK) sold HUF 20 bln of discount three-month T-bills at an auction on Tuesday, HUF 5 bln more than planned, but gains from the auction on the stock market were only temporary.

OTP gained 1.90% to HUF 5,778 on turnover of HUF 3.97 bln from a HUF 6.53 bln session total.

MOL was down 0.15% at HUF 13,720 on turnover of HUF 953 mln.

Magyar Telekom fell 0.98% to HUF 405 on turnover of HUF 218 mln.

Richterʼs share price was down 0.59% at HUF 5,241 on turnover of HUF 1.26 bln.

The bourseʼs mid-cap BUMIX finished 0.09% higher at 1,609.95.

Elsewhere in the region, the WIG-20 in Warsaw was up 0.98%, while Pragueʼs PX gained 1.01%.

Western Europeʼs major indices were up ahead of the end of trading. The FTSE100 in London gained 2.42%, the DAX30 in Frankfurt was up by 2.92%, and the CAC40 in Paris was up 3.06%.

Western European indexes were down on Monday but share prices increased as the price of crude oil rebounded on Tuesday. The Brent crude gained 1.08% on Tuesday and its price rose to USD 38.33 per barrel while the WTI crude also gained 1.46% to USD 36.84 per barrel.

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