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Hungarian stocks end volatile week on optimistic note.
(From Hungarian News Agency (MTI))
Budapest, March 4, 2005 (MTI-ECONEW) - Upbeat global market mood after strong U.S. jobs data prompted a late rally for Hungary's leading stocks on Friday, helping the BUX index to close the week above the 18,000 mark.
While Wednesday's long-due correction threatening with an abrupt end to investors' enduring appetite for Hungarian blue chips sent jitters across the market, Friday's aggressive late buying suggested foreign investors still valued Budapest stocks for their upward potential, although trading was expected to remain more volatile in the coming period.
Overall weekly turnover came in at HUF 115.2bn, 20pc higher than last week's HUF 95.5bn. On Friday, turnover totalled HUF 19.7bn, slightly lower than the February daily average of HUF 21.4bn.
The BUX accumulated losses of 1.51pc over the week -- compared to the Warsaw WIG-20's fall of 3pc and Prague PX-50's 2.5pc increase -- finishing the week at 18,061.84, after rising 298 points, or 1.68pc on Friday.
As usual, top-dogs OTP and Mol dominated the floor and dragged the index up and down as they moved. Without any major corporate news surfacing, and the week also lacking market-moving economic data, chart technical reasons and global factors had a lot to do with which way the stocks went.
Retail bank OTP was highly volatile and fell 6pc on Wednesday after a rocky ride on Monday. It fell another 1.3pc on Thursday before edging 0.7pc higher on Friday, closing the week 3.27pc lower at 7050.
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