BUX Fell on Rising Turnover This Week

The Budapest Stock Exchange (BSE) share index fell this week on rising turnover, closing at 64,988.33 points on Thursday, down 1,105.29 points or 1.67% from a week earlier, MTI reported this Sunday morning, along with a brief analysis of the week's trading.

The turnover of the stock market for the four-week period was HUF 68.18 billion, down from HUF 49.57 billion the previous week, with the leading shares, with the exception of Magyar Telekom, weakening.

Last week, the share index reached a new historic high of 66,455.07 points on Tuesday.

In its weekly summary, Equilor Investment Plc. recalled that target price increases were received on Magyar Telekom and OTP. Raiffeisen raised their 12-month target price on Magyar Telekom from HUF 820 to HUF 1,200, with a buy recommendation maintained. Autonomous Research changed its target price on OTP from HUF 21,058 to HUF 22,464, with an unchanged outperform rating.

OTP continued buying its own shares this week: on Monday, it bought 73,000 shares at an average price of HUF 16,895, 40,821 shares at an average price of HUF 17,185 on Tuesday, and on Wednesday, 38,000 shares at an average price of HUF 17,042.

Equilor Investment also said that Mol has updated its strategy, according to which the oil company plans to make USD 4 billion in green investments by 2030. The company aims to maintain production at a minimum level of 90,000 barrels of oil equivalent per day, while by 2030, it aims to achieve an EBITDA of USD 1 billion per year in the consumer services segment. Mol expects a gradual increase in dividends over the period.

Among the leading shares this week, Magyar Telekom's share price rose 0.79%, with the paper closing at HUF 893 on Thursday, on weekly turnover of HUF 2.88 billion.

The price of Mol weakened by 0.34%. The share closed Thursday at HUF 2,928 with a weekly turnover of HUF 6.56 billion.

OTP fell by 1.76% this week, ending Thursday's trading at HUF 16 785, with a weekly turnover of HUF 43.48 billion.

Richter fell 3.87% to close at HUF 9,315 on Thursday, with a weekly turnover of HUF 12.11 billion.

The BUMIX index of small and medium-sized shares closed the week at 5,819.9 points, down 17.43 points, or 0.30%, on the previous week.