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BUX loses 0.34% as Bank of China's reserve measure dampens outlook

The Budapest Stock Exchange's blue-chip BUX index closed Friday trade down 0.34% to 22,493.32, declining with blue-chip indices throughout Europe as an announcement from the People's Bank of China that it would raise bank reserve requirements for the second time in two weeks to combat inflation undermined sentiment at bourses throughout Europe.

The BUX lost 76.91 points on a light composite exchange turnover of HUF 17.86 billion, fluctuating in a 1.52% range between an intra-session high of 22,690.81 just after morning bell and an intra-session low of 22,345.09 at shortly after 2 p.m. For the week, the BUX gained 366.91 points, or 1.66%.

The mid-cap BUMIX index also declined on Friday, losing 16.39 points, or 0.81%, to 2,008.12. For the week, the BUMIX lost 34.06 points or 1.67%.

BSE blue-chips stood as follows at Friday's closing bell:

Magyar Telekom lost 1.50% to HUF 590 on a turnover of HUF 1.27 billion;

Drug company Richter declined 0.22% to HUF 45,500 on a turnover of HUF 1.21 billion;

OTP Bank declined 0.09% to HUF 5,405 on an exchange-high turnover of HUF 12.38 billion after reporting before the open of markets on Friday morning that the bank posted significantly better-than-expected third-quarter consolidated after-tax profit of HUF 30.9 billion;

Oil and natural gas company MOL finished flat at HUF 20,600 on a turnover of HUF 2.09 billion.

For the week, MOL gained 4.04%, OTP Bank gained 2.10% and Richter gained 1.22%, while Magyar Telekom lost 1.34%.

The BSE Big Four generated 94.9% of the exchange's composite Friday turnover.

Other major central and eastern European blue-chip stock indices also closed lower on Friday, with Prague's PX-50 losing 0.33% to 1,147.10 and Warsaw's WIG-20 declining 1.21% to 2,655.84. (MTI – Econews)