The Budapest Stock Exchange (BSE) stock index rose in a week of falling turnover, closing at 41,818.92 points on Friday, 2.57% higher than a week earlier, MTI reported Sunday morning, along a with a brief analysis of the week.
The weekly turnover of the stock market was HUF 46.88 billion, up from HUF 61.24 billion the previous week, with the leading stocks, except Magyar Telekom, gaining.
In its weekly summary sent to MTI, Equilor Investment Plc. said that news related to the global banking system continued to be the main driver of market sentiment this week, while the Fed's interest rate decision on Wednesday also had an impact on investor sentiment. International stock markets turned down again in Friday's trading, with the BUX unable to detach itself.
Among the week's events, Equilor highlighted the new BUX index weights that came into effect on Monday. OTP's weight is nearly 37%, Mol's is 27.4%, Richter's is 23.8% and Magyar Telekom's is 4.8%. Zwack Unicum and Delta Technologies have been added to the index with weights of 0.26 and 0.18% respectively, while Akko Invest received a first warning for not meeting the index's criteria.
In the summary, it was recalled that a target price cut was received on OTP on Monday. Autonomous Research lowered its 12-month target price on OTP Bank from HUF 10,482 to HUF 10,086, with the stock still rated as underperforming.
Equilor also indicated that OTP bought its own shares this week, which will be used for the remuneration policy. The financial institution bought shares on the stock exchange on several days, a total of 340,000 shares at various price levels.
Azerbaijani oil arrives at Slovnaft refinery; according to a statement from Mol, a shipment of 90,000 tons of oil produced at the ACG field in Azerbaijan will arrive soon. Mol has thus created a fully integrated value chain, as it can process the oil extracted from its own field at its own refinery, the release said.
It was also pointed out that Richter is proposing a dividend of HUF 390, and the company will hold its annual general meeting on April 25. Mol will hold its AGM on April 27.
OTP gained 3.73% this week, closing at HUF 9,844 on Friday, with a weekly turnover of 34 HUF billion.
Mol rose 2.32%, closing Friday at HUF 2,474, with a weekly turnover of HUF 6.53 billion.
Richter gained 2.26% this week, closing at HUF 7,465 on Friday, with a weekly turnover of more than HUF 4.76 billion.
Magyar Telekom fell 0.52% this week, closing at HUF 383 on Friday, with a weekly turnover of HUF 881 million.
The BUMIX index of small and medium-sized shares closed the week at 3,483.81 points, up 37.77 points, or 1.10%, on the previous week.
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