BUX up in final trades despite global gloom

Telco

The Budapest Stock Exchange's main BUX index finished up 0.42% at 17,959.39 Wednesday, after rising 0.26% Tuesday. It is down 3.26% from the end of last year, after it rose 2.15% in 2013.

Hungary's manufacturing PMI was one of the handpicked few in Europe to show acceleration in September, but as the country's economy is greatly exposed to exports, the general slowdown in Europe and in Asia also reminded investors of worries lying ahead.

Loss of faith in a quantitative easing from the European Central Bank (ECB) large enough to prop up West European economies ahead of its policy meeting Thursday also took its toll on the share market for most of the day.

But MOL rose in final trades, pulling BUX also out of the red, after its partner in Iraq's Kurdistan region, Gulf Keystone, confirmed its production goals.

Richter rose from the start of trade, supported by the PMI data and by hopes for some improvement in the EU-Russia conflict around Ukraine.

Investors remained also cautious in view of an updated report on Wednesday from the European Commission which acknowledged recent steps Hungary has taken to reduce its state debt, but said these steps could not stand in for "genuine fiscal consolidation efforts", without which Hungary could face the re-opening of an excessive deficit procedure in spring 2015.

OTP lost 0.62% to HUF 4,154 on turnover of HUF 2.80 bln from a HUF 4.77 bln session total, less than half the daily average this year.

MOL gained 0.41% to HUF 12,100 on turnover of HUF 666 mln.

Magyar Telekom slid 0.56% to HUF 360 on turnover of HUF 295 mln.

Richter advanced 1.79% to HUF 3,919 on turnover of HUF 649 mln.

The bourse's mid-cap BUMIX went out 1.90% higher at 1,519.74.

Elsewhere in the region, Warsaw's WIG20 was down 1.50%, while Prague's PX shed 0.28%.

Western Europe's major indices were all down ahead of their close Wednesday, FTSE-100 in London 0.94%, Frankfurt's DAX30 0.80%, and CAC40 in Paris 1.03%.

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