BUX Index Declined on Falling Turnover This Week

BUX, the stock index of the Budapest Stock Exchange (BSE) weakened this week amid falling turnover, closing at 49,891.95 points on Friday, 1.22% lower than a week earlier, MTI reported this Sunday, along with an analysis of the week’s trading.

The weekly turnover of the stock market was HUF 32.04 billion, up from HUF 35.32 billion the previous week, with leading stocks performing mixed.

In its weekly summary sent to MTI, Equilor Investment Plc. said that the mood on the Budapest trading floor was poor this week, mainly due to deteriorating international investor sentiment. Investors are worried that the Fed, in its role as the US central bank, will have to raise interest rates to a higher level than previously expected by the market and maintain high rates for a longer period of time, due to the still good US labor market situation.

The commentary indicated that target increases were received for OTP and Mol. Poland's mBanku raised its target price on OTP from HUF 16,723 to HUF 17,936 and its target price on Mol from HUF 4,048 to HUF 4,563, with an unchanged buy recommendation on both stocks.

It was also recalled that Mol's acquisition in Slovenia has been completed; the company said that the acquisition of OMV Slovenija has been closed, the transaction was valued at EUR 311 million, and 92.25% of the shares were acquired by Mol.

Among the leading shares, Magyar Telekom gained the most during the week, by 2.22%, closing at HUF 413.5 on Friday, with weekly turnover of HUF 548.5 million.

The price of Mol rose by 0.54% this week, closing Friday at HUF 3,304 with a weekly turnover of HUF 6.89 billion.

Richter weakened by 1.43%, with a weekly turnover of HUF 4.4 billion, closing the last trading day of the week at HUF 8,300.

OTP fell 2.72% this week, closing at HUF 11,800 on Friday, with a weekly turnover of over HUF 18.77 billion.

The BUMIX index of small and medium-sized shares closed the week at 3,597.45 points, down 22.53 points or 0.62% on the previous week.