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BUX rises further against trend in European

Telco

The Budapest Stock Exchangeʼs main BUX index finished up 2.93% at 20,106.09 on Wednesday, rising on high turnover for the fifth session in a row, and defying a generally pesimistic mood elsewhere in Europe. All blue chips rose except for the oil stock MOL.

Budapest stocks were helped by the prospect of further rate cuts after a 15bp reduction Tuesday. Support also came from the news that the economy ministry is examining the effects of an eventual cut in the VAT rate, and that the economy minister reportedly hinted the possiblity of phasing out several sectoral taxes as well as the telecom tax.

OTP jumped a sharp 6.56%, finishing the session at HUF 5,440 on turnover of HUF 21.23 bln from a extraordinary HUF 28.10 bln session total.

MOL fell 0.82% to HUF 12,150 on turnover of HUF 2.11 bln.

Magyar Telekom jumped 7.24% to HUF 415 on the prospect of less tax for the sector on exceptionally high turnover of HUF 2.67 bln.

Richter rose 0.25% to HUF 4,019 on turnover of HUF 1.66 bln.

The bourseʼs mid-cap BUMIX ended the day 0.40% higher at 1,538.13.

Elsewhere in the region, WIG 20 in Warsaw was down 0.70%, while Pragueʼs PX fell 0.53%. Of Western Europeʼs major indices the FTSE-100 in London down just 0.24%, DAX30 in Frankfurt fell 1.17%, and CAC40 in Paris was down 1.32% ahead of their Wednesday close.

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