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BUX tracks Western European peers higher

Telco

The Budapest Stock Exchangeʼs main BUX index finished up 1.30% at 26,711.67 Tuesday after losing 0.25% on Monday.

The BUX index was above the break-even mark during the whole day. It rose strongly in early trade then moved sideways for several hours. Late afternoon before the end of trade there was another spike in share prices.

The BUX index closely tracked Western European markets on Tuesday. The National Bank of Hungary lowered its key rate by 15bp to 0.90% at an afternoon meeting, but investors were expecting the move and share prices showed no reaction to the decision.

In Western Europe stock prices corrected after Mondayʼs fall and a drop in the euro against the dollar helped boost stocks as investors were still mostly preoccupied by a possible Federal Reserve interest rate increase as early as June.

OTP gained 2.08% to HUF 7,023 on turnover of HUF 3.36 bln from a HUF 6.97 bln session total.

MOL was up 1.69% at HUF 16,515 on turnover of HUF 1.57 bln. 

Magyar Telekom was up 1.11% at HUF 456 on turnover of HUF 641m. 

Richter lost 0.02% to HUF 5,563 on turnover of HUF 1.33 bln.

The bourseʼs mid-cap BUMIX finished 0.12% higher at 1,769.23.

Elsewhere in the region, the WIG-20 in Warsaw was up 0.67% while Pragueʼs PX index edged up 0.16%.

Western Europeʼs major indices were also up before the end of trading. The FTSE100 in London gained 1.48%, the DAX30 in Frankfurt was up by 2.28%, and the CAC40 in Paris was up by 2.56%.

International oil prices rose as the per barrel price of Brent increased by 1.16% to USD 48.91 and the per barrel price of WTI gained 1.41% to USD 48.76.

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