BUX volatile on industry data, Russian ruble

 The Budapest parquet put in a volatile performance, hovering closely up and down the waterline for the whole day, while some euro zone peers rose more by the end of the day as investors pondered with guarded optimism the chances of the Greek government to ensure a majority in parliament for the bailout deal reached early Monday.

   But fresh local data and the Russian ruble prevented the BUX from a convincing rise.

   The Hungarian industryʼs annual output growth slowed in May both in unadjusted and workday-adjusted terms as the base effect of vehicle manufacturing investments run out, and fell compared to April, according to final official data out Tuesday.

   In unadjusted terms, industryʼs domestic sales fell more year-on-year than exports grew.

   Following an international agreement early Tuesday with Iran to curb its nuclear programme which will lead to lifting sanctions on its crude oil exports and increase the oil market glut, oil producersʼ currencies fell across the board, including the Russian ruble, an unwelcome development for Hungarian companies exposed to Russian markets, with drugmaker Richter, oil and gas company MOL, and OTP Bank among them.

   However, a relief run of bank shares in Europe in the wake of the Greek deal still carried OTP up. Its volume also suggested some treasury share purchases.

   Brentʼs continuing price fall pressured MOL directly, too, although the company can offset some narrowing of its upstream margins by raising domestic prices, as it has done for the last two weeks, citing the depreciation of the Hungarian currency versus the dollar.

   OTP won 0.97% to HUF 5,836 on turnover of HUF 5.10 bln from a HUF 7.19 bln session total, more than a quarter short of the daily average this year.

   MOL lost 0.59% to HUF 14,300 on turnover of HUF 984 bln.

   Magyar Telekom gained 0.76% to HUF 396 on turnover of HUF 178m.

   Richter retreated 0.21% to HUF 4,241 on turnover of HUF 688m.

   The bourseʼs mid-cap BUMIX went out 0.28% higher at 1,657.66.

   Elsewhere in the region, WIG 20 in Warsaw was down 0.28%, while Pragueʼs PX rose 0.20%.

   Western Europeʼs major indices were all up ahead of their close on Tuesday, FTSE100 in London 0.17%, DAX30 in Frankfurt 0.16%, and CAC40 in Paris 0.51%.