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BUX steadies in line with European trend

Telco

The Budapest Stock Exchangeʼs main BUX index finished up 0.24% at 21,173.05 Wednesday after falling 1.28% Tuesday. It is up 27.29% from year-end, after losing 10.40% last year.

After a volatile start to the week, the Budapest bourse steadied on Wednesday, even raking up a small gain on weaker-than-expected US private hiring data which somewhat distanced the danger of an imminent US base rate hike. Last minute profit taking, however, made the all-green landscape patchy at close.

Lack of fresh domestic market moving data left trading in Budapest in line with the European trend which also welcomed the news from the US, after major indices lost about 2% on Monday and Tuesday, and under-average Hungarian August PMI figures also hit market mood on Tuesday.

But the outlook is still blurred on Chinese economic worries and the US rate rise fears, and global economic growth is likely to be weaker than previously expected with Hungary being no exception. So, further market volatility should not surprise anyone, analysts say, while they shift through historic records showing September has traditionally been the worst month for shares.

OTP won 1.03% to HUF 5,380 on turnover of HUF 2.10 bln from a HUF 5.39 bln session total, more than half the daily average this year.

MOL lost 0.18% to HUF 13,525 on turnover of HUF 1.37 bln.

Magyar Telekom fell 0.51% to HUF 391 on turnover of HUF 435m.

Richter retreated 0.26% to HUF 4,249 on turnover of HUF 1.42 bln.

The bourseʼs mid-cap BUMIX went out 1.07% higher at 1,628.18.

Elsewhere in the region, WIG 20 in Warsaw was down 0.29%, while Pragueʼs PX garnered 0.38%.

Western Europeʼs major indices were all up ahead of their close on Wednesday, FTSE100 in London 0.36%, DAX30 in Frankfurt 0.39%, and CAC40 in Paris 0.34%.

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