BUX up on global mood
The Budapest Stock Exchangeʼs main BUX index finished up 0.41% at 20,045.92 Monday, after falling 1.12% on Friday from an almost four-year high. It is up 20.51% from year-end, after losing 10.40% last year. Over last week, it added 3.84% after rising 3.00% in the previous week.
Supported by improved global mood, the Budapest parquet recouped some of Fridayʼs losses, while a rare mix of fuel prices dropping and the Russian rouble strengthening against major currencies and the Hungarian forint, too, helped local shares, mostly exposed to Russian markets.
Going into the first quarter reporting season, expectations for company profits to have been boosted by cheaper energy in the period also underpinned quotations, while the forintʼs relative strength versus the dollar and Brentʼs renewed slide pointed to continuing low energy costs, hitting MOL, though.
Magyar Telekom fell in last-trades profit taking after a long rally which followed a recent announcement of the National Economy minister that an overhaul of the tax regime in the telecom sector was now timely. Investors also speculate that further rises of the share might take it back into the MSCI Hungary index from where it has fallen in November, 2013.
OTP gained 1.30% to HUF 5,369 on turnover of HUF 4.38 bln from a HUF 6.45 bln session total, a third short of the daily average this year. OTP reached a close to four-year high last Wednesday at HUF 5,440.
MOL lost 0.40% to HUF 12,380 on turnover of HUF 502m.
Magyar Telekom dipped 0.72% to HUF 414 from a 23-month high on Friday, on turnover of HUF 1.06 bln.
Richter advanced 0.81% to HUF 3,984 on turnover of HUF 444m.
The bourseʼs mid-cap BUMIX went out 0.57% lower at 1,524.49.
Elsewhere in the region, the WIG 20 in Warsaw was up 0.86%, while Pragueʼs PX garnered 0.76%. Western Europeʼs major indices were all up ahead of their close Monday, FTSE-100 in London 0.59%, DAX30 in Frankfurt 1.72%, and CAC40 in Paris 1.01%.
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