BUX down on weak OTP

Telco

The Budapest Stock Exchangeʼs main BUX index finished down 0.69% at 23,171.97 on Tuesday after gaining 0.69% on Monday.

The BUX index was below the break-even mark for the whole trading session on Tuesday, dragged lower by the weak performance of OTP although negative sentiment on foreign markets also pushed share prices lower.


Western Europeʼs major indices were down ahead of the end of trading. The FTSE100 in London lost 1.24%, the CAC40 in Paris was down 1.31% and the DAX30 in Frankfurt fell by 1.54%.


After Mondayʼs gains, oil prices slumped on Tuesday, and the share price of commodity producing companies took a hit. The per barrel price of Brent oil fell 4.12% to USD 33.26 and the per barrel price of WTI oil was down 4.97 at USD 31.73.


Economic data in Europe have been missing estimates, and a report on Tuesday showed German business confidence fell for the third month in a row. The nationʼs DAX Index was among the biggest losers in the region, Bloomberg reported.


On the Hungarian stock market Magyar Telekom was the lone bright spot for investors out of the four blue-chips as Citigroup raised its target price for Magyar Telekom shares from HUF 436 to HUF 476 with a recommendation to buy from the previous hold position.


OTP lost 2.40% to HUF 5,968 on turnover of HUF 3.84 bln from a HUF 7.37 bln session total.


MOL edged up 0.07% to HUF 14,030 on turnover of HUF 920 mln.


Magyar Telekom climbed 1.22% to HUF 414 on turnover of HUF 636 mln.


Richter was unchanged at HUF 4,950 on turnover of HUF 1.86 bln.


The bourseʼs mid-cap BUMIX finished 0.18% higher at 1,690.62.


Elsewhere in the region, the WIG-20 in Warsaw was down 0.79% while Pragueʼs PX index lost 0.84%.


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