BUX tracks Western European peers lower

Telco

The Budapest Stock Exchangeʼs main BUX index finished down 1.09% at 25,742.85 Thursday after losing 0.84% on Wednesday.

Apart from the first few minutes of trade the BUX index was below the breakeven-mark for the whole day. Around the middle of the afternoon there were some signs of a tentative market correction but shortly after the BUX index fell even lower to an intra-day low before the end of trade.

In Western Europe stocks fell across the broad. Analysts attributed the drop to minutes from the Federal Reserveʼs last meeting showing that officials are ready to raise interest rates next month if the economic pickup stays supportive.

OTP lost 1.66% to HUF 6,687 on turnover of HUF 4.06 billion from a HUF 7.84 bln session total.

MOL was down 0.71% at HUF 15,985 on turnover of HUF 1.38 bln.

Magyar Telekom dropped 2.01% to HUF 438 on turnover of HUF 893 million.

Richter lost 0.37% to HUF 5,409 on turnover of HUF 1.36 bln.

The bourseʼs mid-cap BUMIX finished 0.59% lower at 1,762.51.

Elsewhere in the region, the WIG-20 in Warsaw was down 0.12% while Pragueʼs PX index edged down 0.02%.

Western Europeʼs major indices were down before the end of trading. The FTSE100 in London lost 1.72%, the DAX30 in Frankfurt was down by 1.32%, and the CAC40 in Paris was down by 0.71%.

International oil prices fell as the per barrel price of Brent decreased by 2.62% to $47.65 and the per barrel price of WTI lost 2.51% to $46.98.

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