BUX loses 0.7% on Fitch downgrade
The Budapest Stock Exchange’s blue-chip BUX index closed Friday trade down 0.72% as Fitch’s one-notch downgrade of Hungary’s long-term foreign- and local-currency Issuer Default Rating weighed on sentiment at the BSE.
The BUX declined 117.37 points on an active, composite exchange turnover of HUF 21.6bn, dropping into the red from moderate positive territory after Fitch Ratings became the final of the Big Three credit-ratings agencies to downgrade Hungary to junk status. The BUX fluctuated in a 2.41% range between an intra-session high of 16,506.69 at 11:15 a.m. and an intra-session low at the index’s closing mark of 16,107.72.
BSE blue-chips stood as follows at Friday’s closing bell:
Oil and gas company MOL lost 1.21% to HUF 16,300 on a turnover of HUF 1.67bn;
Drug company Richter declined 1.13% to HUF 35,100 on a turnover of HUF 501m;
OTP Bank lost 0.50 % to HUF 2,960 on a heavy, exchange-high turnover of HUF 18.14, or just under 84% of the BSE’s Friday trade;
Magyar Telekom gained 0.21% to HUF 481 on a turnover of HUF 1.05bn.
The BSE Big Four generated 98.9% of the exchange’s composite Friday turnover.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.