"Transactions of local brokerages leaped by 125% year on year on the spot market of the Budapest Stock Exchange (BSE) in August. Consequently, it is now certain that brokerages will post record turnover this year, primarily owing to MOL's aggressive share buyback programme launched on 22 June.Compared to the July record, which was brought about mainly by MOL's repurchases of its own treasury shares, turnover on the Budapest Stock Exchange (BSE) was smaller in August. The brokerages, however, cannot complain since they booked 125% higher turnover than in the same month of 2006.
The HUF 17,000 billion 12-month trailing turnover is a feast to the eye and it is also mesmerizing that trade volume in the first eight months of the year correspond to 98% of the full-year figure of 2006. Therefore, we can rest assured that spot market turnover will hit yet another record in 2007.
The Top10 was once again rearranged in August. As MOL scaled back its buybacks, ING missed the top three by miles. Its turnover dipped by nearly 60% from July, which was enough only for the 7th place.
Moreover, ING was left behind by OTP as well, which reappeared in the Top10 after a long interval in July. Needless to say, it was MOL that helped OTP here.
Concorde performed outstandingly, boosting its turnover by 26%, improving two positions and coming in fourth. KBC Securities, Erste and UniCredit were on top in August, with the latter increasing its trade volume by 43% to over HUF 203 billion. The three best performers accounted for 43.5% of total market turnover and this ratio was 84.3% for the top ten.
Just like in the previous two months, only three brokerages managed to carve out more than 10% of the market in August and there was no cut-throat competition either in the top section or further down the list.
The last three brokerages, Wood, Buda-Cash and ÁÉB, all reported smaller trade volumes than in July. ÁÉB's turnover dipped by 56% m/m."
Source:
Portfolio Online Financial Journal
04.09.2007