The Budapest Stock Exchange (BSE) stock index rose amid declining trading volume this week; on Friday, the BUX closed at 139,790.13 points, a historic high, up 1.57% or 2,164.59 points from the previous week.
Weekly trading volume was HUF 137.5 billion, down from HUF 155.1 billion the previous week, with leading stocks posting mixed results.
On Monday, thanks to favorable international sentiment, the BUX rose 1.36% and leading stocks also performed well; among them, OTP saw the largest gain, rising 2.14% on a trading volume of HUF 9.4 billion. On Tuesday, however, sentiment deteriorated in both Europe and the U.S., causing the BUX to fall by 0.14%, while leading stocks posted mixed results: while Magyar Telekom and Mol saw their share prices weaken due to falling oil prices, OTP and Richter saw their share prices rise. On Wednesday, trading remained uncertain throughout the day, with no clear direction and driven by international sentiment; as a result, the BUX ultimately fell by 0.32%, and leading stocks again posted mixed results.
On Thursday, amid a favorable market sentiment, the BUX rose by 0.55%. Stock market turnover reached HUF 36.2 billion; the high volume was partly driven by a significant inflow of investment from U.S. stock markets into Europe. The impact of this was most evident on the BSE in the case of OTP; the bank’s stock price rose by HUF 670, or 1.48%, to HUF 45,970 – a new all-time high – with trading volume reaching HUF 24.6 billion. Trading on the BSE remained upbeat on Friday as well, with the BUX rising 0.12% to 139,790.13 points, a historic high.
In its weekly summary, Equilor Investment Ltd. highlighted that, as expected, the Monetary Council of the Hungarian National Bank (MNB) decided on Tuesday to cut interest rates by 25 basis points, bringing the base rate down to 6%. In its statement, the central bank indicated that it sees room for further rate cuts over the summer, and MNB Governor Mihály Varga stated that there could be a total of three 25-basis-point rate cuts during the summer months, with the MNB potentially cutting rates in both July and August.
In its latest inflation report published this week, the MNB expects average inflation this year to be 1.8% instead of the previously forecast 3.8%, and it lowered its forecast for next year from 3.7% to 2.3%, according to Equilor.
Among leading stocks this week, Richter’s share price rose the most, by 4.52%; the stock closed at HUF 12,260 on Friday, with weekly trading volume exceeding HUF 11.7 billion.
OTP’s share price rose 4.16% this week; the stock closed at HUF 45,810 on Friday, with weekly trading volume exceeding HUF 90.7 billion.
Magyar Telekom’s share price fell by 2.76% this week, closing at HUF 2,678 on Friday, with weekly trading volume of HUF 18.3 billion.
Mol’s share price fell by 3.22% this week, closing at HUF 3,668 on Friday, with weekly trading volume of HUF 14.5 billion. The BUMIX, an index of small- and mid-cap stocks, fell 0.44%, or 40.70 points, and closed the week at 9,263.88 points.
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