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BUX up in European rally

Telco

The Budapest Stock Exchangeʼs main BUX index finished up 1.59% at 23,065.93 on Monday after gaining 0.75% on Friday.

The BUX index was above the break-even mark during the entire day, closely tracking Western European markets as there were few domestic developments in the Hungarian economy.

European indexes were up mostly on stronger demand for shares of banks and carmakers and supported by rising international oil prices.

Investors were further reassured by European Central Bank President Mario Draghiʼs pledge at the European Parliament that the ECB "will not hesitate to act" if it sees risk to price stability.

OTP gained 2.74% to HUF 6,000 on turnover of HUF 3.69 bln from a HUF 6.92 bln session total.

MOL was up 1.44% at HUF 13,700 on turnover of HUF 851 mln.

Magyar Telekom was also up 1.81% at HUF 394 on turnover of HUF 337 mln.

Richterʼs share price rose 0.38% to HUF 5,045 on turnover of HUF 1.91 bln.

The bourseʼs mid-cap BUMIX finished 1.22% higher at 1,655.34.

Elsewhere in the region, the WIG-20 in Warsaw was up 1.27% while Pragueʼs PX index jumped 3.53%.

Western Europeʼs major indices were up ahead of the end of trading. The FTSE100 in London gained 2.28%, the DAX30 in Frankfurt was up 2.78% and the CAC40 in Paris rose 3.12%.

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