BUX Index Fell on Falling Turnover This Week

The Budapest Stock Exchange (BSE) share index fell on a downward trend this week, with the BUX index closing at 38,657.41 points on Friday, down 3.49% on the previous week, or 1,399.77 points, the state news agency MTI reported on Sunday morning along with a brief analysis.

The weekly turnover on the stock market was HUF 47.9 billion, down from HUF 53.8 billion the previous week, with leading shares weakening.

In a summary sent to MTI, Equilor Befektetési Zrt. pointed out that OTP, Mol and Richter also saw significant falls in their share prices this week. It was reported that a target price cut was made on Mol, with Polish PKO lowering its 12-month target price on the company from HUF 2,949 to HUF 2,608, with the recommendation remaining on hold.

Among the economic events of the week, Hungarian National Bank (MNB) Deputy Governor Barnabás Virág said that the liquidity tightening measures announced at the last interest rate decision meeting are effective, so even smaller rate hikes than before will be sufficient monetary tightening. The central bank's vice-president said that we are getting closer to the point where we need to consider ending the cycle of interest rate hikes, while maintaining very tight monetary conditions for a long period of time, Equilor recalled.

During the week, Mol's share price fell 4.21% on HUF 10.34 billion, with the paper ending trading at HUF 2,410 on Friday.

The price of OTP fell 3.81%, the share closed at HUF 8,328 on Friday, with a weekly turnover of HUF 26.79 billion.

Richter weakened by 2.44% to HUF 7,400 for the week, with a turnover of more than HUF 8.75 billion.

Magyar Telekom fell 1.64%, closing at HUF 300 on Friday, with a weekly turnover of HUF 817.3 million.

The BUMIX index of small and medium-sized shares closed the week at 3,684.76 points, down 120.06 points or 3.16% on the previous week.