BUX down in tepid trade

Telco

The Budapest Stock Exchangeʼs main BUX index finished down 0.60% at 21,873.78 Friday after rising 0.59% Thursday. It is up 31.50% from year-end, after losing 10.40% last year.

The Budapest parquet slid in cautious profit taking ahead of the referendum in Greece on Sunday.

The Independence Day market holiday in New York, and a local heat wave beckoning the start of the summer season resulted in extraordinarily low volumes that also thinned quotations.

Some disturbing data out Friday may have also dimmed sentiment, analysts add.

A second official reading revised Hungaryʼs foreign trade surplus in April to an annual fall from a rise in the first reading, making the plunge steeper from March.

Annual retail trade growth in May accelerated less than expected to 4.2% from 4.1% in April, while annual inflation in May was 0.5% after eight months of deflation.

OTP Bank quickly corrected away its 1.32% Thursday rise that came on a hefty target price hike from Credit Suisse, and purchases of treasury shares.

OTP lost 1.28% to HUF 5,626 on turnover of HUF 1.06 bln from a HUF 1.93 bln session total, less than a fifth of the daily average this year.

MOL gained 0.66% to HUF 14,565 on turnover of HUF 280m.

Magyar Telekom ended flat at HUF 395 on turnover of HUF 196m.

Richter retreated 1.37% to HUF 4,172 on turnover of HUF 221m.

The bourseʼs mid-cap BUMIX went out 0.51% lower at 1,636.01.

Over the week, the BUX was up 0.30% after rising 1.57% the previous week. It thus significantly outperformed euro zone peers which absolved their largest weekly fall this year.

OTP gained 0.72% after gathering 5.20% last week.

MOL advanced 1.50% after winning 0.74% the previous week.

Magyar Telekom was off 1.25% after falling 0.25% last week.

Richter dropped 0.67% after losing 1.41% over the previous week.

The BUMIX eased 1.23% after sliding 0.04% over last week.

Elsewhere in the region, WIG 20 in Warsaw was down 0.71%, while Pragueʼs PX sank 0.63%.

Western Europeʼs major indices were all down ahead of their close Friday, FTSE100 in London 0.40%, DAX30 in Frankfurt 0.11%, and CAC40 in Paris 0.36%.

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