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BUX up as OTP trades at multi-year high

Telco

The Budapest Stock Exchangeʼs main BUX index finished up 1.38% at 25,255.40 on Tuesday after gaining 0.71% on Monday.

The BUX index was below the break-even mark for the first few minutes of trading but by late morning it was showing moderate gains. During the day it slowly edged upward and finished comfortably above the 25,000-point technical resistance level.

The performance of the Hungarian stock market was helped by the share price of OTP rising to a six-year high on Tuesday. Equilor analyst Monika Kiss told Reuters that with OTP breaking through the technical barrier at HUF 6,500 the next resistance point is around HUF 7,300.

After losses on Monday European stocks on Tuesday fell further from a five-week high amid renewed worries about the outlook for global growth fuelled by weak macroeconomic data from China and Japan. Commodity producers slid the most, snapping a seven-day winning streak, followed by carmakers. 

The per barrel price of Brent was down 2.18% at USD 39.95 while the per barrel price of WTI was 2.59% lower at USD 36.92.

The European Central Bank will hold a meeting on Thursday that could offer a chance to investors to turn around negative market sentiment.

OTP gained 3.41% to HUF 6,602 on turnover of HUF 16.38 bln from a HUF 23.80 bln session total.

MOL was up 0.65% at HUF 15,500 on turnover of HUF 3.59 bln.

Magyar Telekom lost 0.67% to HUF 444 on turnover of HUF 1.30 bln.

Richter was up 0.61% at HUF 5,309 on turnover of HUF 2.40 bln. 

The bourseʼs mid-cap BUMIX finished 0.65% higher at 1,735.83.

Elsewhere in the region, the WIG-20 in Warsaw was down 1.00% while Pragueʼs PX index gained 0.51%.

Western Europeʼs major indices were down ahead of the end of trading. The FTSE100 in London lost 0.99%, the CAC40 in Paris was down 1.04% and the DAX30 in Frankfurt also fell 1.04%.

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