Budapest shares close down in line with international markets UPDATE

Budapest shares close down in line with international markets UPDATE

	Published : Thu, 12 Apr 2007 17:01 By : Agencies Print this Story

(Updating with full report)

BUDAPEST (Thomson Financial) - Budapest shares closed slightly lower in line with worsening sentiment on international markets as US macroeconomic data inspired profit taking at current high prices, dealers said.

The BUX leading index was down 0.35 pct to 24,297.62. Turnover was below the daily average at 27 bln forints.

The Hungarian forint was down over the day as the euro rose 0.20 pct to 245.28 per forint.

Oil stock MOL Nyrt finished up marginally, rising 0.09 pct to 21,500 forints in choppy trading, and as oil prices ticked up, but global oil stocks put in a mixed performance.

Mol spiked higher earlier today following unconfirmed reports that it is contemplating bidding for a stake in Montenegro's Bonus, a firm involved in oil storage and retail. However, dealers said that Bonus was too small to make a significant difference to MOL.

Teclo Magyar Telekom Nyrt fell 1.50 pct to 985 forints. Today's losses follow gains of around 4 pct over the last two days.

OTP Bank Nyrt fell 0.21 pct to 8,667 forints over the day, after moderate gains in the previous session, ahead of a statement concerning its CIS subsidiaries.

Pharmaceutical company Richter Gedeon Nyrt fell 0.65 pct to 37,645 forints after a stronger start in the morning session.

Electricity supplier Emasz Nyrt was one of the few stocks to buck the trend, rising 2.62 pct to 23,100 forints over the day.

The utility is preparing to pay a 1,300 forint dividend in the coming weeks.

State-controlled mortgage bank FHB was up 2.62 pct to 2,275. The bank's shares continue to be supported by plans by the Hungarian government to sell its majority stake in the company later this year.

edward.krudy@thomson.com

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