THE BUDAPEST STOCK Exchange had a very good year in 2002. Having fallen in the late 1990s under pressure from the Russian financial crisis and a Hungarian government that delayed pro-market reforms, it recovered strongly to become the world’s fourth-best performer in 2002.
The capitalization of the exchange could be bigger – it has traditionally been dominated by a few big corporates such as energy corporation MOL, telecom company Matav and OTP, a bank. Many of the country’s smaller-capitalization companies were wiped out in the Russia crisis, and some of the biggest privatizations of the 1990s were not flotations but sales to strategic investors.
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