The BUX Index Fell This Week on Rising Turnover

The Budapest Stock Exchange (BSE) share index, the BUX, closed the week at 67,906.51 points, down 939.62 points or 1.36% compared to last Friday, MTI reported Sunday morning along with a brief analysis of the week..

Total turnover on the stock market rose from HUF 59.450 billion to HUF 93.818 billion on a weekly basis. Leading stocks weakened with the exception of Magyar Telekom.

The BUX started the week at an all-time high, followed by a significant correction on Tuesday and a small decline in the rest of the week.

Foreign analysts recommended buying both Richter and OTP shares at higher prices this week, while Fitch Ratings affirmed its debt rating on Mol, Equilor Investment Ltd. said in its weekly summary.

OTP continued its share purchases, increasing its treasury stock by more than 113,000 shares in the first four days of the week.

Market-moving effects were driven by National Economy Minister Márton Nagy's announcement on Tuesday that he believes extra profits should be removed from sectors where they do not generate extra profits, and the pharmaceutical industry is one of them. He added that a decision on the issue is expected in the fall.

In the closing session of trading on Friday, HUF tens of billions were placed on OTP shares, which also boosted the total weekly turnover.

Richter closed the week with the biggest decline of 3.09%, or HUF 290, at HUF 9,100, with a turnover of HUF 23.756 billion.
OTP weakened by 2.04% to HUF 360, falling to HUF 17,310, with a total turnover of over HUF 54.559 billion.
Mol closed Friday at HUF 2,790, down 0.36% or HUF 10, with a total turnover of HUF 9.405 billion.
Among the leading shares, Magyar Telekom was the only one to strengthen this week. It rose 1.03%, or HUF 10, to HUF 982, with total turnover exceeding HUF 2.060 billion.

The BUMIX index of small and medium-sized shares closed at 6,236.38 points, 1.28% higher than last Friday at 78.94 points.