BUX Index Rose on Rising Turnover This Week

The stock index of the Budapest Stock Exchange (BSE) rose this week, closing at 63,628.13 points on Friday, up 3.54% on the week to 2,173.51 points, MTI reported this morning with a brief analysis.

The BUX ended Friday's trading session at a new historic high for the fourth time this week. The weekly turnover of the stock market was HUF 65.3 billion, up from HUF 33.6 billion the previous week, with the leading stocks, with the exception of Mol, gaining.

In a weekly commentary sent to MTI, Equilor Investment Plc. said that the domestic stock market had performed exceptionally well this week. OTP and Magyar Telekom shot up, while Richter is trying to break through an important resistance level. Mol, on the other hand, is stuck in a narrow range, but a bigger move could start soon.

Equilor recalled on the week's events: a target price increase was received on OTP. Raiffeisen Bank raised its 12-month target price on OTP Bank shares from HUF 12,700 to HUF 18,700, with an unchanged buy recommendation. Currently, 14 analysts following OTP have a buy recommendation and two have a hold recommendation on the stock, with a median target price of HUF 18,475. The highest target price of HUF 23,150 was given by HSBC at the end of November.

In the analysis, it was mentioned that OTP and Mol shares were bought by Unity Asset Management Foundation. Sándor Csányi's interest bought 25,000 OTP shares and 50,000 Mol shares in Wednesday's trading, with the average price at HUF 16,491 and HUF 2,823 respectively. On Thursday, 35,000 more Mol shares were bought at an average price of HUF 2,816.

Among the leading shares this week, Magyar Telekom rose 6.72%, closing at HUF 731 on Friday, with a weekly turnover of HUF 4 billion.

OTP gained 6.61%. The stock closed Friday at HUF 16,930, with a weekly turnover of HUF 44.5 billion.

Richter rose by 1.21% this week, ending Friday's trading at HUF 9,230, with a weekly turnover of HUF 5.1 billion.

Mol's share price was unchanged for the week, with a turnover of HUF 7.9 billion, closing Friday at HUF 2,838.

The BUMIX index of small and medium-sized shares closed the week at 5,507.04 points, up 122.39 points or 2.27% on the previous week.