BUX struggles to climb, forint weakens


Photo courtesy Budapest Stock Exchange

The Budapest Stock Exchangeʼs main BUX index finished up 0.1 % at 29,494.19 Thursday after losing 6.54% on Wednesday, while the forint continued to weaken, state news wire MTI reports.

The BUX index was mostly above the break-even mark on Thursday as it made several failed attempts to rise more substantially. At the end of the session the index was a bit higher than its opening level, having barely recovered from losses in the second half of the afternoon.

In Western European markets major indices were up due to efforts of central banks globally to stem the panic caused by the coronavirus outbreak. The Bank of England announced a surprise rate cut on Thursday and boosted its bond buying program while the European Central Bank said it would begin to purchase securities as part of its "Pandemic Emergency Purchase Program" to help support the economy.

OTP was down 5.76% at HUF 8,425 on turnover of HUF 10.76 billion from a HUF 18.03 bln session total.

MOL was up 8.19% at HUF 1,625 on turnover of HUF 2.86 bln.

Magyar Telekom fell 0.57% to HUF 350 on turnover of HUF 316 million. 

Richter gained 2.26% to HUF 5,650 on turnover of HUF 3.51 bln.

The bourseʼs mid-cap BUMIX finished 0.63% higher at 2,467.75.

Elsewhere in the region, the WIG-20 in Warsaw was up 4.86% while Pragueʼs PX index gained 2.72%.

Western Europeʼs major indices were up near the end of trading. The FTSE100 in London gained 0.81%, the DAX30 in Frankfurt was up by 1.66%, and the CAC40 in Paris rose 1.9%.

International oil prices were up as the per barrel price of Brent was up by 7.27% at USD 26.69 and the per barrel price of WTI was up 17.52% at USD 24.48.

Forintʼs decline continues

The forint traded at 357.265 to the euro at 5:30 on Thursdayʼs interbank market, softening from 353.63 late on Wednesday.

In the morning, the forint slipped as far as 360.1 to the euro, a new low.

The forint traded at 334.35 against the dollar, slipping from 325.97 late Wednesday.

The Hungarian currency slipped to 339.356 from 335.64 against the Swiss franc.


Hungary PMI Edges up to 47.4 in September Analysis

Hungary PMI Edges up to 47.4 in September

Ukraine Suspends OTP Status on 'Sponsors of War' List Ukraine Crisis

Ukraine Suspends OTP Status on 'Sponsors of War' List

Karikó and Weissman Receive 2023 Nobel Prize in Medicine Science

Karikó and Weissman Receive 2023 Nobel Prize in Medicine

Pálinka Added to EU-Japan Geographical Indication Deal Drinks

Pálinka Added to EU-Japan Geographical Indication Deal


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.