BUX makes small gains in high turnover

Telco

The Budapest Stock Exchangeʼs main BUX index finished up 0.04% at 23,703.08 Thursday after gaining 2.69% on Wednesday.

The BUX index was up in the first hours of trading and continued to rise throughout the morning trading session but in the second half of the afternoon session the mood of investorʼs soured and the index began to lose previous gains.

The National Bank of Hungary published its quarterly inflation report on Thursday. According to MNB economic growth is set to slow in 2016 because of the end of the last European Union funding cycle and weak external demand, though a cut in the home construction VAT rate, central bank steps to support growth and a decline in the bank levy could offset the external impacts.

OTP lost 0.82% to HUF 5,921 on turnover of HUF 4.47 bln from a HUF 12.64 bln session total.

MOL was up 0.61% at HUF 14,090 on turnover of HUF 2.06 bln. 

Magyar Telekom fell 1.98% to HUF 397 on turnover of HUF 2.53 bln. On Thursday Hungaryʼs government has instructed all ministries and their supporting institutions to cancel their mobile internet subscription contracts with Magyar Telekom. The cabinet decided on the measure on Wednesday, after Magyar Telekom cancelled its sponsorship contract with the musician Ákos Kovács, popularly known as Ákos.

Richterʼs share price was up 1.27% at HUF 5,519 on turnover of HUF 3.35 bln. 

The bourseʼs mid-cap BUMIX was unchanged at 1,604.40.

Elsewhere in the region, the WIG-20 in Warsaw was up 2.05%, while Pragueʼs PX gained 0.18%.

Western Europeʼs major indices were up ahead of the end of trading. The FTSE100 in London gained 0.70%, the DAX30 in Frankfurt was up by 2.59%, and the CAC40 in Paris was up 1.13%.

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