The stock index of the Budapest Stock Exchange (BSE) rose on a downward trend this week, closing at 48,461.47 points on Friday, 343.75 points, 0.71% higher than the previous week's close, the state news agency MTI reported this Sunday.
Turnover on the stock market was HUF 45.75 billion, compared to HUF 67.14 billion last week. All the leading shares, with the exception of Richter, saw their share prices strengthen this week.
In its weekly summary sent to MTI, Equilor Investment Plc. pointed out that the BUX index rose during the week, but failed to break through the 49,000-point level.
They stressed that the most important news of the week was Tuesday's interest rate hike by the National Bank of Hungary (MNB), with the central bank's statement also revealing that the domestic rate hike cycle has started. In line with expectations, the MNB raised its base rate by 30 basis points to 0.9%.
Equilor also indicated that analysts have revised their target prices for leading Hungarian stocks. Jefferies lowered its 12-month target price on Richter to HUF 11,000, down from HUF 11,300; however, they continue to recommend the stock as a buy. Morgan Stanley has raised its target price on OTP to HUF 18,500, an increase of HUF 400 from its previous analysis.
This week, Mol's share price rose 3.36%, closing at HUF 2,398 on Friday, with a weekly turnover of more than HUF 8.9 billion.
OTP gained 2.23% this week, closing at HUF 16,750 on Friday, with a weekly turnover of over HUF 27.9 billion.
Magyar Telekom rose 0.47% to close at 424 HUF on Friday, with a weekly turnover of HUF 480 million.
Richter's share price fell by 4.35%, ending the week at HUF 7,920, with a turnover of HUF 6.8 billion.
The BUMIX index of small and medium-sized shares closed at 3,781.28 points, down 0.23%, or 8.7 points, from last week.
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