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BUX slightly down in lacklustre trade

Telco

The Budapest Stock Exchange's main BUX index finished down 0.01% at 18,080.36 Thursday after climbing 0.94 Wednesday. It is up 8.70% from year-end, after losing 10.40% last year.

Winners of the previous day fell, losers rose in correction-mood, low volume trade, while European markets fared mixed amid waves of hopes and doubts concerning Greece's debt talks with its eurozone partners.

In Hungary, analysts said the third Funding for Growth Scheme (FGS) of the National Bank of Hungary (MNB) unveiled on Wednesday was tailored to state-owned and small private banks, could weaken the forint, and its growth impact would fall short of official expectations.

Commerzbank sees limited upside from the Hungarian central bank expanding its subsidized loan program for small firms and also making it even cheaper. "The credit cycle in Hungary is capped by a shortfall in aggregate demand thus cheaper risk-weighted cost of capital cannot really solve this," it said in a note on Thursday. Still, the central bank move is a step in the right direction and some additional investment activity will certainly be triggered. But the rise in lending will not be as powerful as the inclusion of a new sector, e.g. construction, Commerzbank added

OTP lost 0.12% to HUF 4,300 on turnover of HUF 2.76 bln from a HUF 5.56 bln session total, less than two-thirds of the daily average this year.

MOL won 0.09% to HUF 11,760 on turnover of HUF 371 mln.

Magyar Telekom rose 2.15% to HUF 380 on turnover of HUF 660 mln.

Richter retreated 1.14% to HUF 3,900 on turnover of HUF 1.43 bln.

The bourse's mid-cap BUMIX went out 0.41% higher at 1,514.81.

Elsewhere in the region, the WIG 20 in Warsaw was up 0.02%, while Prague's PX raked up 0.03%.

Western Europe's major indices were mixed ahead of their close Wednesday, FTSE-100 in London down 0.11%, DAX30 in Frankfurt up 0.23%, and CAC40 in Paris up 0.59%.

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