BUX REPORT: Monday
The Budapest Stock Exchange's main BUX index finished up 1.24% at 17,838.87 Monday, after falling 1.23% Friday. It is down 3.91% from the end of last year, after it rose 2.15% in 2013. Last week, it lost 4.31% after dropping 1.49% the previous week.
After a four-day losing streak to a six-week low, the Budapest parquet adjusted upwards as brave investors sneaked back to pick up bargains after high-volume sales last week.
Magyar Telekom was also supported by the results of a broad band mobile frequency tender in which it won the largest package with some bands vital for the company in it, although for a price slightly higher than analysts' consensus.
The BUX followed most emerging markets last week, hit by an equities sell-off mainly by foreign investors in view of the dollar's and top-rated sovereigns' strength anticipating a US rate hike early next year.
The probability of the EU-Russian tit-for-tat sanctions war to continue also weighed.
In Hungary, new legislation detailing how and when banks should refund their household debtors for practices deemed unfair, and plans for still another law putting banks activities on a "fair basis" kept up the pressure.
The government signaled on Monday that despite of the new burden on financial institutions it would not relent on the special bank tax next year.
OTP rose 1.91% from a six-week low on Friday to HUF 4,065 on turnover of HUF 4.07 bln from a HUF 6.24 bln session total, three-quarters of the daily average this year.
MOL gained 1.58% to HUF 12,190 on turnover of HUF 766 mln.
Magyar Telekom added 1.70% to HUF 359 on turnover of HUF 678 mln.
Richter advanced 0.08% to HUF 3,909 on turnover of HUF 674 mln.
The bourse's mid-cap BUMIX went out 0.16% higher at 1,495.87.
Elsewhere in the region, Warsaw's WIG20 was down 0.09%, while Prague's PX garnered 0.61%.
Western Europe's major indices were all down ahead of their close Monday, FTSE-100 in London 0.12%, Frankfurt's DAX30 0.67%, and CAC40 in Paris 0.87%.
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