The Budapest Stock Exchange (BSE) share index fell this week on rising turnover, closing at 60,294.40 points on Friday, 74.78 points or 0.12% lower than a week earlier, MTI reported Sunday morning along with a brief analysis of the week’s trading.
The weekly turnover of the stock market was HUF 133.7 billion, up from HUF 84.8 billion the previous week, with the leading stocks, except OTP, weakening.
On Monday, the BUX closed at a historic high of 60,538.62 points, up 0.28%. Among the leading stocks, OTP gained in significant turnover thanks to analysts' target price changes the previous week, with the bank paper pulling the BUX index. On Tuesday, the Hungarian stock index hit another record high, with the BUX ending the trading session up 0.54% at 60,864.82 points, as the Hungarian stock market outperformed European markets in a generally upbeat international sentiment. Most of the BSE's total daily turnover was attributable to OTP shares. On Wednesday, the BUX also closed at a new all-time high of 61,061.16 points, up 0.32%, and again outperformed the European stock indices, with all four leading shares gaining.
On Thursday, investors made a profit, with the BUX closing down 0.83% at 60,551.62 points, after a significant rise in the previous days. On Friday, the slowdown and profit-taking continued and the approach of the festive season was felt. The BUX closed 0.42% lower at 60,294.40 points, with the Hungarian stock market underperforming the leading European bourses due to the market correction.
In its weekly commentary to MTI on the week's events, Equilor Investment Ltd. recalled that the president of the banking association, Radovan Jelasity is confident that the extra profit tax can be abolished after 2024. According to him, the sector's aim was to abolish the tax, but so far only the half of this has been achieved, in return for which banks have to buy more government bonds. He added that there are already signs of recovery in the economy.
In the commentary, it was pointed out that Mol has started gas production in the Rozskovsky field in Kazakhstan. The amount of natural gas and condensate that can be extracted from the currently targeted reservoir is equivalent to 158.8 million barrels, of which 101.5 million barrels of gas and 57.3 million barrels of condensate. The first well will produce 300,000 cubic meters of natural gas per day.
Equilor also reported that Magyar Telekom announced an average wage increase of 12%. The company reached an agreement with the unions, which resulted in a wage increase and no collective redundancies at the company. The impact of the measures could be up to HUF 6 billion, according to the company.
Among the leading stocks this week, OTP's share price rose 1.09%, closing at HUF 15,750 on Friday, on weekly turnover of HUF 101.2 billion.
The price of Mol fell by 0.35%. The share ended trading at HUF 2,822 on Friday, with a weekly turnover of HUF 12.8 billion.
Magyar Telekom weakened by 0.45% this week, ending Friday's trading at HUF 663 with a weekly turnover of HUF 5.3 billion.
Richter's share price fell by 1.92%, with a weekly turnover of HUF 6.8 billion, closing Friday at HUF 8,700.
The BUMIX index of small and medium-sized shares closed the week at 5,206.04 points, up 8.80 points or 0.17% on the previous week.


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