BUX slows down
The Budapest Stock Exchange's main BUX index finished up 0.47% at 18,370.17, a one-week high, Monday after surging 2.16% Friday. It is up 10.44% from year-end, after losing 10.40% last year. Over last week, the BUX added 40% after a plus of 1.10% in the previous week. The Budapest parquet began the week on a volatile note.
Most shares stalled along with European peers in profit taking after spectacular rises in anticipation of ECB's QE, and while the Russian rouble slightly fell versus the Hungarian currency.
Only OTP continued to shine on better-than-expected results published on Friday, and on expectations that regional bank failures related to the Buda-Cash brokerage scandal would direct more clients to OTP, considered reliable after a 66-year continuous presence in the retail sector.
On Monday HSBC joined the row of analysts who have recently improved views on OTP. HSBC raised its recommendation to overweight and its target price to HUF 5,000 from 4,300.
OTP gained 3.81% to HUF 4,526, a near nine-month high, on turnover of HUF 11.04 bln from a HUF 13.16 bln session total, more than 50% above the daily average this year.
MOL ended flat at HUF 12,000 on turnover of HUF 711 mln.
Magyar Telekom fell 0.76% to HUF 391 on turnover of HUF 594 mln.
Richter retreated 2.81% to HUF 3,732 on turnover of HUF 743 mln.
The bourse's mid-cap BUMIX went out 0.08% lower at 1,514.65.
Elsewhere in the region, the WIG 20 in Warsaw was up 0.17%, while Prague's PX lost 1.27%. Western Europe's major indices were mixed ahead of their close Monday, FTSE-100 in London down 0.54%, DAX30 in Frankfurt up 0.23%, and CAC40 in Paris down 0.60%.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.