BUX tracks peers but loses less

Telco

The Budapest Stock Exchangeʼs main BUX index tracked the movements of big Western European indices on Tuesday to finish the session down 0.32% at 22,117.91, still declining far less than its peers.

Oil and gas company MOL was the sessionʼs biggest loser, falling 2.00% to HUF 14,700 on turnover of HUF 2.4 bln.

OTP Bank lost 1.26% to HUF 5,569 on turnover of HUF 5.4 bln, or a little more than half of the HUF 9.9 bln session total.

Drugmaker Richter slipped 0.33% to HUF 4,540 on turnover of HUF 1.5 bln and Magyar Telekom was down 1.19% at HUF 415 on turnover of just over HUF 400m.

Fitchʼs decision, announced late Friday, the last trading day before the Pentecost holiday, to change the outlook for Hungaryʼs sovereign issuer rating to positive from stable may have impacted the market. A decision by National Bank of Hungary policy makers on Tuesday to continue an easing cycle, cutting the central bankʼs base rate by 15bp to 1.65% was in line with market expectations.

Elsewhere in the region, Warsawʼs WIG20 lost 0.98% and the Prague PX dropped 1.38%. Western Europeʼs biggest indices were lower late in the day: Londonʼs FTSE 100 was down 1.19%, Germanyʼs DAX slid 1.67% and the CAC 40 in Paris lost 0.71%.

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