BUX up on Greece, Fed, local news
The Budapest Stock Exchange's main BUX index finished up 1.66% at 18,507.84, a more than five-month high, Tuesday after rising 1.08% on Monday. It is up 11.27 % from year-end, after losing 10.40% last year. The Budapest parquet welcomed again the latest positive developments in Greece's debt talks with eurozone partners.
The National Bank of Hungary (MNB) left its main policy rate unchanged on Tuesday as widely expected, but a repetition of its January guidance strengthened expectations that it might start cutting in March.
Before close the testimony of Fed chair Janet Yellen showing the Fed was still not in a hurry to start rate hikes helped as well because further patience of the Fed also increases the chance of a nearside easing by the MNB.
MOL soared on bright outlook the company's board drew up after posting less than expected losses from last year, while forecasters expect a jump in Magyar Telekom's profits when it publishes results on Wednesday.
A decision of MNB on Tuesday to revoke the licence of the seventh largest brokerage on the Budapest prompt share market in terms of turnover, Buda- Cash Brokerhaz, for suspected wrongdoings over more than a decade with expected damages of more than HUF 100 bln to investors apparently did not spoil market mood.
OTP won 1.62% to HUF 4,400 on turnover of HUF 6.30 bln from a HUF 12.46 bln session total, one-and-a-half-times the daily average this year.
MOL gained 3.52% to HUF 12,200 on turnover of HUF 4.07 bln.
Magyar Telekom rose 1.60% to HUF 381 on turnover of HUF 292 mln.
Richter advanced 0.13% to HUF 3,990 on turnover of HUF 1.66 bln.
The bourse's mid-cap BUMIX went out 1.45% lower at 1,501.72.
Elsewhere in the region, the WIG 20 in Warsaw was down 0.01%, while Prague's PX grew 0.60%. Western Europe's major indices were all up ahead of their close Tuesday, FTSE-100 in London 0.65%, DAX30 in Frankfurt 0.82%, and CAC40 in Paris 0.66%.
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