BUX Index Rose on Rising Turnover This Week

The stock index of the Budapest Stock Exchange (BSE) rose on the week, closing at an all-time high of 58,020.37 points on Friday, up 2.05% or 1,164.36 points from 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 64.32 billion, up from HUF 41.92 billion the previous week, with the leading shares, with the exception of Richter, gaining ground over the week.

The BUX reached historic highs on two occasions – Tuesday and Friday – with 57,316.65 points on Tuesday.

On Monday, a rise in OTP pulled the BUX index higher, which moved in line with European markets; the day was upbeat but uneventful, according to analysts.

On Tuesday, European markets were in a wait-and-see mode as market participants awaited the US inflation data on Wednesday and the European Central Bank's interest rate decision on Thursday. The BUX index rose slightly, outperforming the global average.

By the end of trading on Wednesday, sentiment on the Hungarian stock market had deteriorated on the back of the US inflation data, with the BUX tracking the leading European equity indices.

On Thursday, the market rose in line with Western stock indices, with European equity markets benefiting from positive US macro data.

On Friday, the BUX rallied on the back of Magyar Telekom's soaring performance following news of the abolition of special taxes for the telecom sector. Richter was not helped by positive news for the pharmaceutical company.

In its analysis, Equilor Investment Plc. pointed out that there was a target price cut on Mol shares this week, with Raiffeisen lowering its 12-month target price from HUF 3,100 to HUF 2,500 and downgrading its recommendation from hold to sell.

Magyar Telekom's share price gained 16.67% this week, closing at HUF 525 on Friday, with a weekly turnover of HUF 3.14 billion.

Richter's share price fell by 2.08%, closing Friday at HUF 9,200, with a weekly turnover of more than HUF 9.27 billion.

Mol rose 3.52% this week, closing Friday at HUF 2,762, with a weekly turnover of HUF 10.1 billion.

OTP rose 2.48% this week, closing at HUF 14,695 on Friday, with a weekly turnover of HUF 37 billion.

The BUMIX index of small and medium-sized shares closed the week at 4,782.62 points, up 53.11 points, or 1.12%, on the previous week.