BUX Rose on Falling Turnover This Week

The Budapest Stock Exchange (BSE) share index, the BUX rose in a week of falling turnover, with the BUX closing at 44,495.10 points on Friday, 1.82% higher than a week earlier, the state news agency MTI reported this Sunday morning along with a brief weekly analysis.

Weekly turnover on the stock market was HUF 53.8 billion, up from HUF 63.5 billion the previous week, with leading stocks performing mixed.

On Monday, the stock market closed up 1.05%, with the BUX boosted by the good performance of OTP, the impact of the bank's positive quick report from the previous week persisted. On Tuesday, the Hungarian stock index rose 0.34%, also on the back of a strong performance by OTP.

On Wednesday, the BUX ended the day slightly lower, but still outperformed most European equity indices, with international sentiment turning negative as geopolitical risks increased. On Thursday, the stock index fell by 0.54% as OTP and Richter fell, with the two share prices moving in line with negative international investor sentiment. On Friday, the BUX was looking for direction in the first half of the day, but in the afternoon, buyers appeared and the index closed up 1.04%.

In its weekly summary sent to MTI, Equilor Investment Plc. indicated that a target price increase was received on OTP, HSBC raised its 12-month target price on the bank from HUF 18,000 to HUF 18,800, with the recommendation still a buy.

It was recalled that Richter announced that Gábor Orbán, CEO, will take over the direct supervision of trade, international and government relations from Erik Bogsch. Erik Bogsch will remain a member of the board and chairman of the board, and will also assist as an advisor.

Equilor also explained that Mol temporarily restricts fuel supply to gas stations. The company said in a statement that a number of circumstances necessitate restrictions, including the official capped price, the need to replenish strategic stocks and the uncertainty surrounding the Friendship pipeline. Independent petrol stations have reported that Mol has indicated that they will not be able to supply them with fuel next week.

Friday was the last day to accept a buy offer for Waberer's shares. The public tender offer price is HUF 2,336 per share, and the board had not previously recommended the offer to shareholders, the summary said.

OTP gained the most this week, 5.75%, on HUF 37.5 billion of turnover, ending Friday's trading at HUF 10,580.

Mol rose 2.21% this week, closing at HUF 2,680 on Friday, with a weekly turnover of HUF 7.5 billion.

Magyar Telekom weakened by 1.23%, ending Friday's trading at HUF 320.50, with a weekly turnover of HUF 299.9 million.

Richter's share price fell 3.73% on HUF 7.1 billion for the week, ending Friday's trading at HUF 8,000.

The BUMIX index of small and medium-sized shares closed the week at 3701.55 points, up 33.53 points, or 0.91%, on the previous week.