BUX Index Up This Week on Falling Turnover

The stock index of the Budapest Stock Exchange (BSE) strengthened this week on the back of falling turnover. The BUX closed at 65,236.93 points on Friday, 248.60 points, 0.38% higher than a week earlier, MTI reported on Sunday, along with a

Turnover on the stock market was HUF 53.75 billion, up from HUF 68.18 billion the previous week, with leading shares performing mixed.

In its weekly summary, Equilor Investment Plc. recalled that target price increases were received on OTP and Richter. Morgan Stanley raised its 12-month target price on OTP from HUF 19,000 to HUF 19,900, with the recommendation unchanged at equal weighting.

RBC Capital raised its target price on Richter from HUF 11,900 to HUF 12,200, with an unchanged upside recommendation.

OTP continued buying its own shares this week. The company bought 37,500 shares on Monday, 41,215 shares on Tuesday, 17,301 shares on Wednesday and 20,891 shares on Thursday.

Scope Ratings upgraded its debt rating outlook on Mol from stable to positive. The rating agency left the company's BBB-rating unchanged.  After the oil company's Board of Directors meeting on Thursday, the 2024 dividend payment plan to be submitted to the Annual General Meeting at the end of April was made public. Mol's board of directors proposes to pay a dividend of HUF 198 billion, which means a dividend of HUF 250 per share

Among the leading shares, OTP shares rose the most this week. The share gained 1.28%, closing the week at HUF 17,000 on Friday, with a weekly turnover of HUF 27.84 billion.

The Mol share price gained 0.14%. The share ended Friday trading at HUF 2,932, with a weekly turnover of HUF 7.34 billion.

Magyar Telekom fell 0.34% this week, ending Friday's trading at HUF 890 with a weekly turnover of HUF 1.44 billion.

Richter fell 1.23% to close at HUF 9,200 on Thursday, with a weekly turnover of HUF 13.36 billion.

The BUMIX index of small and medium-sized shares closed the week at 5909.05 points, up 89.15 points or 1.53% on the previous week.