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BUX slightly down in week-end profit taking

Telco

The Budapest Stock Exchange's main BUX index finished down 0.11% at 16,759.10 Friday after soaring 2.35% Thursday. It is up 0.75% from year-end, after losing 10.40% last year. The Budapest parquet snapped a five-day winning streak on Friday in week-end profit taking after the ECB announced its practically open-ended quantitative easing programme on Thursday.

Opposite to Western and some other emerging markets that continued surging, the BUX's rise slowed than it sank below the waterline as Hungary's economic growth this year is expected to be weaker than last year. Therefore, heavy flows of funds into emerging market assets in the wake of the ECB move target higher-yielding sovereign debt in Hungary, pushing yields to new all-time lows — Hungary's impeccable, multi-decade record of diligent repayment — but apparently shun volatile shares.

OTP faces another batch of court cases, this time on its forint-denominated loans, local media reported on Friday.

The weakening of the Hungarian currency, the forint, against the Russian rouble could have helped shares of Hungarian companies exposed to Russian markets, but the sudden strengthening of the forint in euro terms clouded prospects for much larger exports to the euro area.

OTP lost 0.94% to HUF 3,779 on turnover of HUF 3.87 bln from a HUF 5.84 bln session total, a quarter short of the daily average last year.

MOL gained 0.18% to HUF 11,210 on turnover of HUF 537 mln.

Magyar Telekom rose 1.75% to HUF 348 on turnover of HUF 297 mln

Richter retreated 0.26% to HUF 3,775 on turnover of HUF 954 mln.

The bourse's mid-cap BUMIX went out 0.85% higher at 1,436.45.

Over the week, the BUX rose 6.37% after losing 2.88% in the previous week.

OTP was up 6.33% after losing 2.63% last week.

MOL gained 4.57% after dropping 7,82% the previous week.

Magyar Telekom improved 6.42% after dipping 1.80% last week.

Richter gained 9.58% after rising 2.53% over the previous week.

The BUMIX gained 2.06% after falling 1.49% over the last week.

Elsewhere in the region, the WIG 20 in Warsaw was up 0.01%, while Prague's PX rose 0.09%. Western Europe's major indices were all up ahead of their close Friday, FTSE-100 in London 0.14%, DAX30 in Frankfurt 1.80%, and CAC40 in Paris 1.59%.

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