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BUX up in thin trade

Telco

The Budapest Stock Exchangeʼs main BUX index finished up 0.34% at 23,745.86 Monday after shedding 0.16% Friday. It is up 42.75% from year-end, after losing 10.40% last year. Over last week, it won 2.34% after losing 2.13% in the preceding week.

Helped by a recovery in Western markets until late afternoon, the Budapest parquet rose in thin, pre-Christmas trade, but finished well below the dayʼs high after profit taking set in all over Europe.

Risk appetite returning to emerging markets after the "dovish tightening" of the US Fed last week also drove the main index, unhindered by scarce local news.

Standard & Poorʼs decision to upgrade the long-term counterparty credit rating on Hungaryʼs Takarekbank to "BB" from "BB minus" with stable outlook contributed to the general feeling of reserved confidence in the market, making OTP Bank the winner of the day, while oil company fell in last trades on international oil prices sinking to 11-year lows.

OTP rose 1.00% to HUF 5,970 on turnover of HUF 1.65 bln from a preliminary HUF 4.07 bln session total, less than half the daily average this year.

MOL lost 0.32% to HUF 14,155 on turnover of HUF 1.14 bln.

Magyar Telekom improved 0.25% to HUF 402 on turnover of HUF 151 mln.

Richter advanced 0.24% to HUF 5,450 on turnover of HUF 1.01 bln.

The bourseʼs mid-cap BUMIX went out 0.12% higher at 1,611.33.

Elsewhere in the region, WIG 20 in Warsaw was up 0.57%, while Pragueʼs PX garnered 0.18%.

Western Europeʼs major indices were mixed ahead of their close on Monday, with FTSE100 in London up 0.21%, DAX30 in Frankfurt down 0.33%, and CAC40 in Paris down 0.49%.

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