BUX rises, but underperforms

The Budapest parquet ended a hectic week with an upturn on strong tailwind from euro zone bourses that swiftly corrected up in a mostly technical rebound after approaching the yearʼs lows in the previous session with "oversold" signals blinking.

There was no domestic news to move the market, so volumes remained limited, contributing to underperformance of the BUX compared to European peers. But the Budapest main indexʼs previous falls were also much smaller than around Europe on persistent speculation that emerging Europe is better cushioned against the fallout from Asiaʼs slowdown and a US rate hike expected at some point still this year than the bulk of the emerging world, or even than Western Europe where a host of companies have strong ties to China.

OTP won 1.00% to HUF 5,370 on turnover of HUF 1.98 bln from a HUF 5.33 bln session total, only more than half of the daily average this year.

MOL corrected up 2.62% to HUF 12,330 on turnover of HUF 2.08 bln.

Magyar Telekom rose 1.58% to HUF 386 on turnover of HUF 109m.

Richter retreated 0.36% to HUF 4,430 on turnover of HUF 1.14 bln.

The bourseʼs mid-cap BUMIX went out 0.10% higher at 1,601.47.

Over the week, the BUX was down 1.36% after rising 0.17% in the previous week.

OTP sank 0.70% after easing 0.22% last week.

MOL dove 4.16% after dropping 3.49% in the preceding week.

Magyar Telekom was flat over the the week after sliding 1.03% last week.

Richter declined 0.11% after surging 5.60% over the previous week.

The BUMIX dipped 0.76% after losing 0.73% over last week.

Elsewhere in the region, WIG 20 in Warsaw was up 0.38%, while Pragueʼs PX raked up 1.17%.

Western Europeʼs major indices were all up ahead of their close on Friday, FTSE100 in London 2.62%, DAX30 in Frankfurt 3.10%, and CAC40 in Paris 3.53%.