BUX Index Rose Last Week on Falling Turnover

The stock index of the Budapest Stock Exchange (BSE) rose last week amid falling turnover, closing at 49,320.70 points on Friday, up 3.03% on the week to 1451.09 points, MTI reported this Sunday morning with a brief analysis of the week’s trading.

Weekly turnover on the stock market was HUF 67.9 billion, up from HUF 69.1 billion the previous week, with leading shares performing mixed.

In its weekly summary sent to MTI, Equilor Befektetési Plc. highlighted that the domestic stock market had been rising steadily this week, with the BUX index crossing the 49,000-point level and approaching the levels seen before the outbreak of the Russian-Ukrainian war. Among the leading stocks, OTP broke through important resistance, so it is worth paying special attention to the movement of the bank stock. Mol has also been rising steadily, but the RSI indicator measuring the price movements is now in an oversold range. Richter, on the other hand, has started a negative correction, while Magyar Telekom is trading in a narrow range.

It was also mentioned that Unicredit could be in competition for OTP's Romanian subsidiary, preliminary negotiations have started and the transaction could be worth between EUR 300-400 million. Unicredit did not wish to respond to requests for comment.

Fitch Ratings upgraded its outlook on Mol's debt rating to stable from negative, with the rating remaining at BBB minus.

Richter and OTP continued to buy their own shares this week, Equilor said.

During the week, Richter's share price fell 4.18%, closing at HUF 8,360 on Friday, with weekly turnover exceeding HUF 9.5 billion.

The price of Mol rose by 3.23% during the week. The paper ended trading at 3,000 forints on Friday, with a weekly turnover of HUF 12.8 billion.

OTP's share price rose by 5.56%, with a weekly turnover of HUF 43.5 billion, and closed Friday at HUF 11,580.

Magyar Telekom weakened by 0.85% during the week, closing at HUF 409.5 on Friday, with a weekly turnover of over HUF 735 million.

The BUMIX index of small and medium-sized shares closed the week at 3334.06 points, up 32.64 points or 0.99% on the previous week.