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2nd March, 2020

Stocks get hammered as pandemic fears grow



Hungary’s benchmark BUX stock exchange index plummeted 5.7% to 40,230 on Friday, as global stock markets fell due to fears of the escalation of the coronavirus outbreak.

For the week the BUX fell by 12%. OTP shares fell by 7.4% on Friday, the stock’s biggest one-day loss since the Brexit referendum in June 2016, to end the week at Ft 13,290 on Ft 20.1 billion turnover.

MOL fell 3.8% to Ft 2,364, Richter sank 6.33% to Ft 6,215 and Magyar Telekom lost 5% to end trading at Ft 398.

The weekly losses for these three shares were 12.3%, 12% and 9%, respectively, as they suffered their worst week since the global financial crisis of 2008.

The forint reached a new all-time low against the euro at 340.69 on Friday, before recovering slightly to end the week below 338.5. The forint traded below 307 against the dollar.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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