BUX Index Fell in Rising Turnover This Week

The Budapest Stock Exchange's (BSE) share index fell this week on rising turnover, with the BUX closing at 65,045.06 points on Friday, down 3.33% on the week to 2,244.01 points, MTI reported Sunday morning.

The stock market turnover for the week was HUF 60.90 billion, down from HUF 58.04 billion the previous week, with the leading shares, except Magyar Telekom, falling.

Equilor Investment Plc. said in its weekly summary that amid deteriorating international sentiment, the BUX turned bearish last week after peaking the previous week. Magyar Telekom's shares appear relatively resilient to the decline, while the three other blue chips' share prices fell sharply this week.

Equilor raised its target price on Waberer's this week. The new target price is HUF 5,022 per share, up from HUF 4211, and the recommendation remains a buy.

There was also a target price increase on Magyar Telekom, with Patria Finance raising their target price on the Hungarian telecoms company's shares to HUF 1210 from HUF 1,080, with their recommendation remaining a buy, according to the summary. At Magyar Telekom's AGM, the management's dividend proposal of HUF 44.7 per share was approved, and the management was authorised to continue buying treasury shares over the next 18 months.

OTP continued its share buybacks throughout the week. As a result, by Thursday the treasury stock had risen to 0.71% of the total, representing 1,994,496 shares, they recalled.

During the week, Magyar Telekom gained 1.31%. The share ended trading at HUF 927 on Friday, with a weekly turnover of HUF 1.53 billion.

OTP fell 3.75% this week, closing at HUF 16,940 on Friday, with a weekly turnover of HUF 35.62 billion.

Mol weakened by 2.89% this week, closing Friday at HUF 2,960, with a weekly turnover of HUF 8.85 billion.

Richter fell 5.7% to close at HUF 8,855 on Friday, with a weekly turnover of HUF 12.83 billion.

The BUMIX index of small and medium-sized shares closed the week at 6025.4 points, down 44.4 points or 0.73% on the previous week.