BUX Index Rose on Falling Turnover This Week

The stock index of the Budapest Stock Exchange (BSE) rose this week amid declining turnover, closing at 53,339.84 points on Friday, 64.33 points or 0.12% lower than a week earlier, MTI reports along with a brief analysis of the week’s trading…

The stock market's weekly turnover was HUF 41.61 billion, up from HUF 56.15 billion the previous week, with leading stocks performing mixed.

In its weekly summary, Equilor Investment Plc. pointed out that after thirteen days of steady gains, the BUX index entered a negative correction from mid-week. The OTP share price behaved similarly, reversing from the HUF 13,000 level and showing a slight negative correction in the second half of the week, while the Mol share price has been in a downtrend since the previous week's dividend cut. Richter saw a slight decline and Magyar Telekom a modest rise this week.

In the weekly summary, they point out that OTP received a target price increase this week, HSBC changed its target price on OTP Bank from HUF 17,000 to HUF 18,000 and continues to recommend a buy. However, a target price cut was received on Mol, with mBank lowering its target price on Mol from HUF 4,563 to HUF 4,209, with a buy recommendation still on the table. The size of the cut is exactly the same as the size of the dividend coupon cut, so it has no practical significance, Equilor said.

Among the leading stocks, Magyar Telekom gained the most this week, up 2.18%, closing at HUF 421.50 on Friday, on weekly turnover of HUF 520 million.

OTP gained 1.18% this week, closing Friday at HUF 12,900, with a weekly turnover of HUF 21.79.

Mol fell 3.54%, closing at HUF 2.778 on Friday, with a weekly turnover of HUF 8.8 billion.

Richter's share price fell 0.68% for the week. The share closed Friday at HUF 8,765, with a weekly turnover of more than HUF 5.7 billion.

The BUMIX index of small and medium-sized shares closed the week at 3,993.78 points, up 262.98 points or 7.05% on the previous week.