BUX down on weak performance of blue-chips

Telco

The Budapest Stock Exchangeʼs main BUX index finished down 1.00% at 22,940.84 on Wednesday after losing 0.69% on Tuesday with the share price of three out of four blue-chips falling.

The BUX index started above the break-even mark, but then gradually dipped lower during the day with a stronger fall shortly before noon and one late afternoon.

European stock prices declined on Wednesday just like Tuesday as lower oil prices reinforce investorsʼ concerns about global growth. The per barrel price of Brent oil was down 0.69% at USD 33.04 and the price of WTI oil fell 2.64% to USD 31.03 per barrel.

National Bank of Hungary deputy governor Marton Nagy told analysts on Wednesday that he would not exclude a cut in the central bankʼs base rate during the rest of the year, but investors showed little reaction to the news.

OTP lost 2.14% to HUF 5,840 on turnover of HUF 7.36 bln from a HUF 10.86 bln session total.

MOL was down 1.03% at HUF 13,885 on turnover of HUF 1.54 bln as some HUF 500 bln in write-downs of assets detailed in an earnings report released Wednesday impacted the companyʼs share price.

Magyar Telekom slumped 0.97% to HUF 410 on turnover of HUF 572m as the companyʼs board officially announced, late in the morning, a proposal to pay a HUF 15-per-share dividend on 2015. Magyar Telekom is set to publish its quarterly earnings later on Wednesday. 

Richter was up 0.40% at HUF 4,970 on turnover of HUF 1.26 bln. 

The bourseʼs mid-cap BUMIX finished 0.35% higher at 1,696.46.

Elsewhere in the region, the WIG-20 in Warsaw was down 1.44% while Pragueʼs PX index lost 2.70%.

Western Europeʼs major indices were down ahead of the end of trading. The FTSE100 in London lost 1.67%, the CAC40 in Paris was down 2.23% and the DAX30 in Frankfurt fell by 2.76%. 

ADVERTISEMENT

European e-commerce soars during pandemic - study Analysis

European e-commerce soars during pandemic - study

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.