BUX up in final trades

Telco

The Budapest Stock Exchange's main BUX index finished up 0.36% at 16,952.24 Tuesday after rising 0.79% Monday. It is up 1.91% from year-end, after losing 10.40% last year.

Outperforming European markets even while it fell for most of the day, the Budapest parquet shot up in the final minutes of trade despite European stock market indices snapping an almost week-long series of new record highs on jitters over disappointing company results, possible new sanctions against Russia, an S&P downgrade of Russia to junk, a possible re-negotation of the EU/IMF bailout terms for Greece, and in caution ahead of the Fed meeting ending Wednesday.

The National Bank of Hungary (MNB) left its policy rate unchanged on Tuesday as expected, but uncertainties concerning its future path also added to the lacklustre mood.

OTP especially felt the the impact of Russia and Greece, the latter resulting in a Europe wide reluctance towards banks, while MOL stabilised as Brent futures consolidated in London.

Despite Russia's downgrade, Richter rose after it said it entered into a licence and distribution agreement with Bayer HealthCare to commercialise a transdermal contraceptive patch of Bayer in Europe and in some countries in Latin America. Richter expects annual revenue of €40-50 mln in three to four years from the Bayer deal, which would be more than 4% of last year's estimated total revenue of the company.

The BUX also got a lift from an almost 8% surge of automotive company Raba which won a HUF 5 bln order to supply chassis for disaster relief vehicles to state-owned BM HEROS on Monday.

OTP lost 1.35% to HUF 3,795 on turnover of HUF 3.40 bln from a HUF 6.56 bln session total, about 15% short of the daily average last year.

MOL won 1.07% to HUF 11,300 on turnover of HUF 549 mln.

Magyar Telekom rose 0.56% to HUF 358 on turnover of HUF 662 mln.

Richter advanced 1.61% to HUF 3,795 on turnover of HUF 1.85 bln.

Rába soared 7.72% to HUF 1,144 on turnover of HUF 29 mln.

The bourse's mid-cap BUMIX went out 0.30% higher at 1,412.30.

Elsewhere in the region, the WIG 20 in Warsaw was down 0.33%, while Prague's PX fell 0.25%.Western Europe's major indices were all down ahead of their close Tuesday, FTSE-100 in London 0.71%, DAX30 in Frankfurt 1.79%, and CAC40 in Paris 1.35%.

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