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Budapest bourse ends year on high note.
(From Hungarian News Agency (MTI))
Budapest, January 1 (MTI ECONEWS) - Investors in Hungarian equities were well rewarded in 2004. The Budapest bourse outperformed many emerging market peers, its headline index gaining a striking 57pc in the year Hungary joined the European Union, while market turnover added over 47pc.
Foreign accounts returned with a vengeance and shrugged off political turmoil that led to a caretaker government in September, cliff-hanger moments for the forint, record interest rates and huge twin deficits.
The BUX index capped the year with its 50th record closing high at 14,742.57 points, compared to 9,380 in 2003. The 49th, at 14,738, was reached on December 17.
Market turnover shot up, averaging over HUF 10bn, or EUR 40m, a day. The year's aggregate total of HUF 2,741bn was a 47pc improvement on last year's HUF 1,864bn.
Concerns over the macro economy were tempered by rapid disinflation and further rate cuts going into 2005. The big stories of the year for BSE investors centred on surging oil prices and a switch to euro-denominated mortgages (still generously state-subsidised despite pare-backs at end-2003), which respectively delivered huge profits for fuels group Mol and the country's biggest bank OTP, ploughed into funding aggressive expansion programmes in the region.
Both companies more than doubled their share value. Mol closed the year at 12,710, up 6,395 forints, while OTP added an annual 2,895 forints to close at 5,570.
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