Thursday, July 3, 2008

Share turnover on bourse falls by 15% m/m in June.

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Share turnover on bourse falls by 15% m/m in June. The double-counted share trading volume at the Budapest Stock Exchange (BSE) amounted to HUF 563bn in June and fell by 15% m/m, the bourse reported. On a cumulative basis, the turnover reached HUF 5.6tn for the H1 period and declined strongly by 37.5% y/y. In our opinion, the lower trading volume might be due to the financial crisis and increased investor uncertainty in the share market in general. On the other hand, we expect that it would continue to decline on an annual basis in H2 as well on account of the high comparison base from last year, stemming from the large treasury share buyback programmes, launched by top blue chips MOL and OTP Bank. The official BUX bourse index lost 9.7% m/m to 20,387pts at end-June. KBC Securities was the largest broker on the share segment with trade volume of HUF 113.6bn for the month, followed by Erste Befektetesi with HUF 109bn. At the same time, the government securities segment recovered in June with turnover climbing to HUF 86.9bn, compared to just HUF 9.2bn for the previous month. Trading in investment funds and mortgage and corporate bonds increased m/m in June as well.

Securitisation is not dead

Selling short

Share turnover on bourse falls by 15% m/m in June.

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