BUX Index Down This Week on Falling Turnover

The Budapest Stock Exchange's (BSE) share index, the BUX, closed at 42,108.63 points on Friday, down 3.13% on the previous week's close, or 1,361.21 points, the state news agency MTI reported this Sunday morning.

Turnover fell from HUF 71.247 billion the previous week to HUF 64.233 billion, with the leading shares, with the exception of Magyar Telekom, weakening. 

According to a summary by Equilor Investment Plc., the news of the oil embargo against Russia and the publication of quarterly reports influenced the BSE's share prices this week.

The stock market index started the week with a fall in line with international sentiment, with Mol weakening significantly on news of the possible embargo, the most among the leading stocks. The stock market mood improved only temporarily on Tuesday, with the BUX falling again on the other days of the week.

At the same time, the price of Mol fell further and OTP also weakened significantly. The fall in the value of shares of the two leading issuers continued after Friday morning's flash reports, as they posted weaker first-quarter results than analysts had expected.

OTP's share price fell the most this week, by 5.09% to close at HUF 10,250 on Friday, with weekly turnover of HUF 38.463 billion.

Magyar Telekom was the only stronger stock of the week, gaining 2.96% to settle at HUF 400, with total turnover of nearly HUF 931 million.

The BUMIX index of small and medium-sized shares fell 0.69% to 4,020.88 points, with a turnover of almost HUF 1.75 billion.