BUX falters after strong morning start

Telco

The Budapest Stock Exchangeʼs main BUX index finished down 0.25% at 26,368.25 Monday after gaining 2.69% on Friday.

The BUX index started strong in the morning but then gradually lost strength during the day. Although it was still outperforming Western European markets at noon, by the middle of the afternoon it was below the break-even mark. It managed to rebound from its intra-day low, but still finished lower for the day.

In Western European markets share prices were mostly down as automakers and oil producers tumbled, while investors speculated on the timing of a Federal Reserve interest rate increase.

OTP gained 0.44% to HUF 6,880 on turnover of HUF 3.92 bln from a HUF 7.39 bln session total.

MOL was down 1.58% at HUF 16,240 on turnover of HUF 1.50 bln. 

Magyar Telekom was up 1.12% at HUF 451 on turnover of HUF 349m. 

Richter lost 0.20% to HUF 5,564 on turnover of HUF 1.28 bln.

The bourseʼs mid-cap BUMIX finished 0.63% lower at 1,767.15.

Elsewhere in the region, the WIG-20 in Warsaw was up 0.03% while Pragueʼs PX index edged down 0.04%.

Western Europeʼs major indices were down before the end of trading. The FTSE100 in London lost 0.23%, the DAX30 in Frankfurt was down by 0.61%, and the CAC40 in Paris was down by 0.54%.

International oil prices fell as the per barrel price of Brent decreased by 1.03% to USD 48.22 and the per barrel price of WTI lost 0.52% to USD 48.16.

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