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BUX struggles to climb, forint weakens

The Budapest Stock Exchangeʼs main BUX index finished up 0.1 % at 29,494.19 Thursday after losing 6.54% on Wednesday, while the forint continued to weaken, state news wire MTI reports.

The BUX index was mostly above the break-even mark on Thursday as it made several failed attempts to rise more substantially. At the end of the session the index was a bit higher than its opening level, having barely recovered from losses in the second half of the afternoon.

In Western European markets major indices were up due to efforts of central banks globally to stem the panic caused by the coronavirus outbreak. The Bank of England announced a surprise rate cut on Thursday and boosted its bond buying program while the European Central Bank said it would begin to purchase securities as part of its "Pandemic Emergency Purchase Program" to help support the economy.

OTP was down 5.76% at HUF 8,425 on turnover of HUF 10.76 billion from a HUF 18.03 bln session total.

MOL was up 8.19% at HUF 1,625 on turnover of HUF 2.86 bln.

Magyar Telekom fell 0.57% to HUF 350 on turnover of HUF 316 million. 

Richter gained 2.26% to HUF 5,650 on turnover of HUF 3.51 bln.

The bourseʼs mid-cap BUMIX finished 0.63% higher at 2,467.75.

Elsewhere in the region, the WIG-20 in Warsaw was up 4.86% while Pragueʼs PX index gained 2.72%.

Western Europeʼs major indices were up near the end of trading. The FTSE100 in London gained 0.81%, the DAX30 in Frankfurt was up by 1.66%, and the CAC40 in Paris rose 1.9%.

International oil prices were up as the per barrel price of Brent was up by 7.27% at USD 26.69 and the per barrel price of WTI was up 17.52% at USD 24.48.

Forintʼs decline continues

The forint traded at 357.265 to the euro at 5:30 on Thursdayʼs interbank market, softening from 353.63 late on Wednesday.

In the morning, the forint slipped as far as 360.1 to the euro, a new low.

The forint traded at 334.35 against the dollar, slipping from 325.97 late Wednesday.

The Hungarian currency slipped to 339.356 from 335.64 against the Swiss franc.