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1 OMRI Daily Digest - 20 March 1995 (mind)  51 sor     (cikkei)
2 NATO (mind)  83 sor     (cikkei)
3 CET - 20 March 1995 (mind)  188 sor     (cikkei)
4 MET Tozsde (mind)  217 sor     (cikkei)

+ - OMRI Daily Digest - 20 March 1995 (mind) VÁLASZ  Feladó: (cikkei)

No. 56, 20 March 1995
ministers Vladimir Meciar and Gyula Horn on 19 March signed the basic
Slovak-Hungarian treaty in Paris, where they are taking part in the
Conference on the Pact of Stability from 20-21 March, Pravda reported.
The Slovak cabinet approved the wording of the treaty in a late-night
session the previous day. The bilateral treaty will have to be ratified
by both countries' parliaments, which could cause problems within
Slovakia's governing coalition. Slovak National Party Chairman Jan Slota
said the signing of the agreement was "premature." He also called some
provisions of the text "unacceptable," particularly the inclusion of
Council of Europe Recommendation 1201, which grants national minorities
the right to set up autonomous organizations, Sme reported on 18 March.
-- Sharon Fisher, OMRI, Inc.
Minister Teodor Melescanu told Radio Bucharest on 18 March that he
visited Bratislava the previous day to discuss the Hungarian-Slovak
agreement to sign a basic treaty. He noted that Romania will continue to
reject the inclusion in the treaty of "the principle of autonomy based
on ethnic criteria." Prime Minister Nicolae Vacaroiu, after meeting with
members of parliament parties, told the press that Romania will not
agree to enshrining in the treaty Council of Europe Recommendation 1201,
which grants national minorities the right to set up autonomous
organizations. But Vacaroiu said Romania agreed with the provisions of
the Framework Convention for the Protection of National Minorities. He
added that the government's position was backed by the parties at the
meeting and that there was consensus on the need to conclude a basic
treaty with Hungary. The Romanian premier will attend the final session
of the EU Conference on the Pact of Stability in Paris, where he will
explain Romania's position on the treaty. -- Michael Shafir, OMRI, Inc.
[As of 12:00 CET]

Compiled by Jan Cleave
A tovabbterjesztest a New York-i szekhelyu Magyar Emberi Jogok
Alapitvany tamogatja.

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Reposting is supported by Hungarian Human Rights Foundation News
and Information Service.
+ - NATO (mind) VÁLASZ  Feladó: (cikkei)

PRESS RELEASE (95)23                      20 March 1995

        PARTNERS IN BUDAPEST  - 23-24 March, 1995

On March 23-24 the NATO Science Committee will hold its
annual meeting with Cooperation Partners in Budapest,
Hungary.  This represents the first formal gathering of
the NATO Science Committee in a country outside the
NATO Alliance.  All of NATO's Cooperation Partners, i.e.
countries that once comprised the Warsaw Treaty
Organization, are expected to send representatives.  In
addition, Finland and Sweden will send observers.  

The meeting will be chaired by the NATO Assistant
Secretary General for Scientific and Environmental
Affairs, Dr. Jean-Marie Cadiou.  Nations will be
represented by leaders of academies of science, state
committees on science and technology, ministries of
science and senior academic officials.  Hungarian
representation is expected to include Mr. Laszlo Pal,
Hungary's Minister of Industry and Trade and Dr. Istvan
Bihari, Chairman of the Council of the National Committee
for Technological Development. 

Participants will exchange information about NATO's
programme of scientific cooperation and will discuss how
scientific and technological infrastructures once built up
to meet defence needs, can now be put to effective use in
the civilian sector.  Leading the latter discussion will
be Mr. Lajos Nyiri,
President of Hungary's National Committee for
Technological Development,
Mr. Andrey G. Fonotov, First Deputy Minister of Science
and Technology of the Russian Federation, Mrs. Pauline
Newman, Circuit Judge, United States Court of Appeals and
Dr. Hans Ambos, Senior Vice President, of Daimler-Benz
Aerospace AG.


NATO cooperative programmes in science are currently
concentrated on questions related to (1) the dismantlement
and non-proliferation of weapons of mass destruction, (2)
environmental security including the reclamation of
contaminated military sites and cleanup technologies, (3)
the transfer of military science and technology to the
civilian sector, (4) science policy and (5) computer

Last year over 1500 scientists from Cooperation Partner
countries participated in the various seminars and
collaborative research activities sponsored under
this Programme.  Cooperation Partner scientists, some of
whom came from the once "secret cities" of the former
Soviet Union, were able to work with colleagues in Western
Europe and North America in a way that was either
very difficult or even impossible during the cold war.

Young scientists also benefitted from the Programme which
has allowed over 240 scientists from Cooperation Partners
NATO to study in each other's countries.
The meeting is supported by the NATO Division of
Scientific and Environmental Affairs.  Journalists wishing
more information on this meeting should call 
+32 2 728-4207.

A tovabbterjesztest a New York-i szekhelyu Magyar Emberi Jogok
Alapitvany tamogatja.

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Reposting is supported by Hungarian Human Rights Foundation News
and Information Service.

+ - CET - 20 March 1995 (mind) VÁLASZ  Feladó: (cikkei)

Monday, 20 March 1995
Volume 2, Issue 56


  European Union foreign ministers are offering Russia a
  long-term so-called special relationship with the West if it
  overcomes problems in Chechnya and drops its objections to the
  eastward expansion of NATO.  At informal talks in southern
  France over the weekend, the 15 foreign ministers agreed that
  it's vital not to exclude or isolate Russia despite Western
  disapproval of the invasion of Chechnya.  The ministers say
  NATO should eventually negotiate an agreement with Moscow that
  would create a special consultation mechanism for crises like
  the situation in Chechnya.  The agreement would also establish
  regular political dialogue and a mutual non-aggression pledge.
  But Russia would have to meet a  key condition for the
  special relationship, it would have to drop its opposition to
  NATO membership for former Warsaw Pact allies like Poland,
  Hungary, the Czech Republic and Slovakia.

  As part of its efforts to avoid more Yugoslav-style conflicts
  in Central and Eastern Europe, more than 50 European nations
  are holding a stability summit in Paris.  Foreign ministers
  from the European Union, Eastern Europe, the Baltic states and
  Russia will meet today and tomorrow.  Two of the participating
  nations, Hungary and Slovakia, got a head start yesterday and
  signed their basic treaty in Paris two days earlier than they
  were scheduled to.  The treaty will help guarantee the two
  countries' borders and protect ethnic minorities.  It'll be
  part of a stability pact scheduled to be approved at the Paris
  conference.  Hungarian Prime Minister Gyula Horn and his
  Slovak counterpart Vladimir Meciar signed the agreement last
  night.  Horn said "this is the first bilateral treaty in
  Hungary's modern history not based on the dictate of an outside
  power but signed of our own free will."  The agreement covers
  everything from minorities and borders to sharing water. 
  Specifically, the treaty encompasses three international
  documents related to the rights of national minorities
  including Recommendation 1201 of the Parliamentary Assembly of
  the Council of Europe.  The agreement doesn't cover disputes
  concerning a Slovak hydroelectric power station on the Danube
  River. --Alister Doyle

  Romania has refused to accept Recommendation 1201, which refers
  to autonomy for ethnic minorities.  That's just one of the
  many sticking points which prevented Bucharest and Budapest
  from signing a basic treaty ahead of the stability conference.
  But over the weekend Romanian Prime Minister Nicolae Vacaroiu
  mustered a concensus across his country's political spectrum
  on the need to sign the treaty.  He did not, however, meet
  with representatives from the 1.5 million-strong Hungarian
  minority in Romania.  But Vacaroiu says the agreement is
  paramount and must be signed in Budapest or Bucharest or at
  the border between the two countries because it concerns
  Hungary and Romania, not Paris.  Vacaroiu will be attending the
  stability conference.  He says his strategy there will be to
  try to step up negotiations so a treaty can be ready for
  signing fairly soon.


  The National Bank of Hungary says foreign investment last year
  dropped to slightly less than half of 1993 levels.  In 1994,
  foreigners put $1.2 billion into the economy, that compares
  with $2.3 billion in '93.  But the National Bank says 1993's
  figures were skewed by the sale of 30 percent of the phone
  company MATAV, a single deal accounting for almost $1.5
  billion.  Also, new regulations last year encouraged
  foreigners to complete deals before the end of 1993.  Analysts
  say the decline is also due to a slowdown in privatization.

  The Hungarian government will weather the political storms and
  stick by its new economic austerity package.  That's what new
  Finance Minister Lajos Bokros says following resignations and
  reported dissention over the plan amid the ruling Socialist
  government.  The plan seeks to reduce Hungary's debts by
  cutting social services to all but the most needy.  But while
  it's drawn the ire of trade unions and social groups, the
  package received the blessing of an International Monetary
  Fund mission which visited Hungary last week.  Bokros says the
  plan can be tailored to ease some of its harshest social


  Interview with Ian Kennedy, head of emerging market equity
  sales for Nomura International in London.
  By David Fondler
  Kennedy: I think the first point would be the recovery of Czech
  after 17 drops.  I think that would be the major news.

  CET: So do you think it's a trend, is it going to look up from

  Kennedy: Difficult to say.  I think the valuations are
  attractive, but I wouldn't be surprised if it were to hit
  those levels again.

  CET: Or lower?

  Kennedy: That's right. The company results are coming out now,
  so it depends on how they come out.

  CET: Hungary also saw a bit of a turnaround after the forint
  devaluation ..

  Kennedy: Yes, well, only in the sense that prices made, they
  just adjusted for that devaluation.  We haven't seen any
  further gain, except for maybe Gideon Richter.

  CET: Investors had been looking at Hungary for a long time, just
  waiting for that devaluation.  Are things going to look up in
  Hungary in the next couple weeks, say?

  Kennedy: Certainly we felt this week investors were more
  comfortable in buying and that's why the prices have
  increased, but I don't think the prices have increased in
  dollar terms yet.  It takes time, Monday people were digesting
  the news, Monday afternoon the US investors find the news. 
  Tuesday they start thinking about doing something, Wednesday
  the market is closed.

  CET: National holiday.

  Kennedy: Right. Thursday, there was some profit taking in fact
  on Egis and on also Richter.

  CET: Okay, let's turn to Poland, it seems like it's the same old
  retail market in Poland,

  Kennedy: Yes, yes, unfortunately.

  CET: A lot of what people called speculative adjustment there
  people selling stock only to buy them back at lower prices.

  Kennedy: I think foreigner favorites are still at quite
  relatively expensive levels compared to the rest of the
  market, mainly because the market is effected by the big
  proportion of banks which is now particularly attractive in
  our opinion.

* CET On-Line - copyright (c) 1995 Word Up! Inc. All rights reserved.
  This publication may be freely forwarded, archived, or
  otherwise distributed in electronic format only so long as
  this notice, and all other information contained in this
  publication is included.  For-profit distribution of this
  publication or the information contained herein is strictly
  prohibited.  For more information, contact the publishers.
A tovabbterjesztest a New York-i szekhelyu Magyar Emberi Jogok
Alapitvany tamogatja.

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Reposting is supported by Hungarian Human Rights Foundation News
and Information Service.
+ - MET Tozsde (mind) VÁLASZ  Feladó: (cikkei)

___MAGYAR ELEKTRONIKUS TOZSDE____________________________HU-ISSN_1216-0229


I. Februari zaroarak
                            darabszam    1995.02.28.   Ft
<Agrimpex> Rt. (nev.)         121 774      13 050        1 589 150 700
<Agrimpex> Rt.(bem.)          11 001       13 050        143 563 050
<Aranypok> Rt.                43 000       6 500         279 500 000
<Balaton> Fuszert Rt.         120 000      5 500         660 000 000
<Bonbon> Hemingway Rt.        170 000      1 600         272 000 000
<Csemege> Julius Meinl Rt.    18 500       12 900        238 650 000
<Csopak> Rt. (nev.)           801 100      680           544 748 000
<Csopak> Rt. (bem.)           398 900      650           259 285 000
<Danubius> Hotels Rt.         8 000 000    920           7 360 000 000
<Domus> Rt.                   1 633 000    630           1 028 790 000
<Dunaholding> Rt. (nev.)      101 303      40 000        4 052 120 000
<Dunaholding> Rt. (bem.)      68 697       40 000        2 747 880 000
<EGIS> Rt.                    7 785 715    2 070         16 116 430 050
<Martfu> Magyar Szov.         1 071 000    2 600         2 784 600 000
<Fonix> Rt.                   165 000      1 400         231 000 000
<Fotex> Rt.                   62 328 120   177           11 032 077 240
<Garagent> Rt.                248050       2100          520905000
<Garagent> Rt.1               120000       2100          252000000
<Global> TH Rt.               3756430      1350          5071180500
<Globus> Rt.2                 229950       1250          287437500
<Globus> Rt.                  766527       1350          1034811450
<Goldsun> Rt.                 1063970      590           627742300
<Graboplast> Rt.              2282500      1110          2533575000
<Hungagent> Rt.               300000       1400          420000000
<Ibusz> Rt.                   1320500      940           1241270000
<Inter-Europa> Bank Rt.       217550       11050         2403927500
<KontraxI>rodatechnika Rt.    500000       70            35000000
<KontraxT>elekom Rt.          500000       45            22500000
<Konzum> Ker. es Ip. Rt.      2150000      740           1591000000
<Muszi> Rt.                   43000        150           6450000
<Nitroil> Rt.                 27490        16000         439840000
<Novotrade> Rt.               1068572      2250          2404287000
<Pannonflax> Rt.              447566       335           149934610
<Pannonplast> Rt.             3000000      1040          3120000000
<Pharmavit> Rt.               1765000      5800          10237000000
<Pick> Szeged Rt.             2656999      5530          14693204470
<Primagaz> Rt.                3200000      2050          6560000000
<Richter> Gedeon Rt.          16894962     1630          27538788060
<Skala-Coop> Rt. S            48163        1210          58277230
<Skala-Coop> Rt. T            3699777      1550          5734654350
<Soproni> Sorgyar Rt.         648 000      2200          1425600000
<Styl> Ruhagyar Rt.           1180000      1750          2065000000
<Sztrada> Skala Rt. (nev.)    4150         6600          27390000
<Sztrada> Skala Rt. (bem.)    29250        3000          87750000
<Terraholding> Rt. (nev.)     3600         300           1080000
<Terraholding> Rt. (bem.)     100950       300           30285000
<Zalakeramia> Rt.             1762916      1520          2679632320
<Zwack> Unicum Rt.            2000000      3500          7000000000

Befekt. alapok es a karp. jegy piaci erteke 1995. februar
(Invest. funds and comp. coupons' capitalization)

Befektetesi alapok           Zaroar (Ft)           Kapitalizacio
                             1995.02.28.           (millio Ft)
Investment funds             Closing price (HUF)   Capitalization
                             28.02.1995            (miliion HUF)
CA Befektetesi alap            9250                   1609.96
Hunnia Befektetesi alap        9300                    942.60
Budapest Elso Befekt. alap     9500                   1713.10
Premium Befektetesi alap       9400                    470.00
Piller Ingatlanbefekt. alap    320                    1024.00
Taller Befektetesi alap        9000                    660.06
Millenium Befektetesi alap     8000                    661.55
Budapest 2 Befektetesi alap    9500                   1535.76
Alpok Befektetesi alap         9550                   1850.22
Bonus Befektetesi alap         9200                   1388.87
Hunnia 2 Befektetesi alap      8650                    660.43
Horizont Befektetesi Alap      10000                   486.51
OTP I. Befektetesi Alap        10000                  2415.87
Profit Befektetesi Alap        10000                  1184.57
Arany Taller Befektetesi Alap  8500                    630.71
City Befektetesi Alap          10000                   109.08
Buda P,Ilampapir Alap          10000                   101.22
Millenium 2. Befektetesi Alap  108500                  113.38
Rezidencia Befektetesi Alap    11000                  1132.81
Piller 2. Ingatlanbefekt. alap 400                     800.00
Danubia Befektetesi alap       50                      107.64
Quaestor Ingatlan alap         10000                   706.56
Duna Befektetesi Alap          10000                   100.13
Civis Befektetesi Alap         10000                  9311.88
Budapest III. Befektetesi Ala  10000                  1096.03
Milleneum III. Befektetesi Al  10000                   216.73
Profit Plusz Befektetesi Alap  5000                    770.02
CA Novekedesi Alap             1000                    330.00

II. Analizis

Az ev masodik honapjaban a Budapesti Ertektozsde m÷kodeset a forgalom
emelkedese es az arfolyamok stabilizalodasa jellemezte. A brokercegek
kozel 5 ezer kotesben arfolyamerteken szamolva osszesen 12 milliard
forintos forgalmat bonyolitottak le. Ez januarhoz kepest 20%-os
forgalombvulest jelent, s kedvez az is, hogy a reszvenyek
forgalombol valo aranya 30%-rol 47%-ra emelkedett. (A reszvenyek a
tzsden jegyzett ertekpapirok neverteken szamolt ertekenek csupan
8.8%-at, a kapitalizacionak pedig 16.9%-at adjak.) A tzsde hivatalos
reszvenyindexe - a BUX - a mult honapban 4%-kal ersodott, februar
vegen 1206.4 ponton zart.

Februarban az ujonnan kibocsatott kincstarjegysorozatokon (76.8 MdFt)
tul a Hungagent Rt. alaptkeemelesbl szarmazo reszvenyeinek (120
MFt) es 8 zartveg÷ ertekpapir befektetesi alap jegyeinek (12.6 MdFt)
bevezetesere kerult sor. Het kincstarjegy sorozat es az 1995/C
allamkotveny lejarata (90 MdFt) kovetkezteben osszessegeben 511
millio forinttal csokkent a tzsdere bevezetett ertekpapirok
neverteken szamolt erteke (906 milliard forint).

A mult honapban a reszvenypiacon 6.6 milliard forintos forgalom
mellett az arfolyamok tobbnyire stabilizalodtak. Januarhoz kepest a
forgalom jelents bvulese (75%) nehany nagyvolumenu kotesnek is
koszonhet: februar elejen 1.4 millio db Danubius cserelt gazdat
reszvenyenkent 900 forintert, a honap kozepen pedig kozel 800 ezer db
Fotex, miutan a tarsasag megbizast adott reszvenyeinek tzsden
keresztuli vasarlasara. Folyamatosan jelentek meg ugyanakkor a
kibocsatok 1994-es varhato Gazdalkodasi eredmenyei, amik szamottev
javulast, novekedest mutatnak.

Tovabbra is jelents az automatikus kereskedesbe bevezetett
reszvenyek (Danubius, Globus, Pick, Primagaz, Soproni Sorgyar,
Pannonplast, Egis, Global, Graboplast, Pharmavit, Richter Gedeon)
forgalombol valo reszesedese. Februarban a reszvenypiaci uzletek
70%-at erre a tizenegy automatikus papirra kotottek, az
arfolyamerteken szamolt forgalomban pedig aranyuk 87% volt. A 40
BET-en szerepl reszvenytarsasagnal - mas csoportositasi szempontok
eseten is - a forgalomnak egy jelents koncentralodasa figyelhet
meg. A bevezetesi kateDoriak alapjan szetvalasztva a cegeket a
magasabb szintu kovetelmenyeknek megfelel 14 jegyzett ceg adta az
uzletek haromnegyedet es a forgalom csaknem egeszet (92%).

A BUX kosaraban szerepl 17 papir (Danubius, Domus, Dunaholding,
EGIS, Martf÷iSorgyar, Fotex, Global, Globus, Goldsun, Graboplast,
Inter-Europa Bank, Pannonplast, Pick, Primagaz, Richter Gedeon,
Skala-Coop T, Zwack) a BET reszvenyforgalmanak
97%-at, reszvenykapitalizaciojanak pedig 81%-at adta az ev masodik

A tozsdei reszvenytarsasagok atlagos piaci mutatoi a stabilizacio
kovetkezteben az alabbiak szerint valtoztak: a P/E mutato 17.21-rl
17.56-ra ntt, a P/BV a honap vegen 126 volt, az osztalekhozam
3.06-rol 2.99-re csokkent. A reszvenypiac kapitalizacioja kis
mertekben emelkedett, februar vegen 150 milliard forintot (1.3
milliard US dollar) tett ki.

Tovabbra is alacsony likviditas jellemzi a karpotlasi jegyek tzsdei
piacat. 495 millio forintos karpotlasi jegy forgalmat regisztralt a
Budapesti Ertektzsde, a havi zaroar (305 Ft) a nevertekre (1.715 Ft)
vetitve mar csak 18%-os arfolyamnak felelt meg. (1995. januar
elejetl a karpotlasi jegy nevertekenek novekedese befejezdott, iden
a privatizacioban a fentebb emlitett kamattal novelt erteken
szamitjak be a karpotlasijegyet.)


A Tzsdetanacs ugyvezet elnoke:
Czirjak Sandor

Bokros Lajos lemondasa miatt az 1995. aprilis 13-ara tervezett kozgyulesen
a meguresedett tanacstagi helyre uj tagot is kell valasztani, illetve a
haromeves ciklus lejarataig (1996. evi rendes kozgy÷lesig) a Tzsde tagjai
megvalasztjak a testulet elnoket.

1995. marcius 31-en elindul a hatarids kereskedes negy termekre:
  - a BET hivatalos reszvenyindex (BUX) kontraktus
  - a 3 honapos diszkont kincstarjegy arfolyam(3 KJ) kontraktus
   - a nemetmarka (DEM) es az amerikai dollar (USD) kontraktusok
 kereskedese minden tzsdenapon az azonnali kereskedes ideje alatt,
 11.00-11.30 oraig

A szabvanyositott hataridos kereskedes technikai lebonyolitasa jelents
mertekben elter az azonnali piac kereskedesi rendszeretol.  Az egyes
kontraktusokra vonatkozo ajanlatokat a brokerek a kontraktus arjegyzjenek
nyujtjak be irasban, aki az ajanlatokat elektronikus ajanlati konyvbe
rogziti. A szoftver az ajanlatokat a hatarids kereskedesi szabalyzatban
rogzitett prioritasi sorrendnek megfelelen sorba rendezi, majd a
kereskedesi algoritmus szerint megkoti azokat.  Az arjegyz sajatszamlas
ajanlatteteli kotelezettseget vallal arra az esetre, ha a kereslet es
kinalat egyensulya atmenetileg felborul. Az arjegyzok palyazat utjan
nyertek el a piacvezetes jogat.

BUX: Argenta Top Broker Rt.
3 honapos diszkont kincstarjegy: New York Broker Budapest Kft.
DEM/HUF: Budapest Ertekpapir es Befektetesi Rt.
USD/HUF: Budapest Ertekpapir es Befektetesi Rt.

Hataridos ugyletekre szolo megbizasokat az arjegyzk mellett az erre
feijogositott tozsdetagok is elfogadnak.

P/E: 17.56 P/BV: 1.26 Div.Y.: 2.99

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