BUX gains 1.1% on improved Italian debt outlook

The Budapest Stock Exchange’s BUX index closed Tuesday trade up 1.11% to 16,672 as hope that Italy’s debt crisis could improve as a result of possible government changes provided blue-chip indices throughout Europe with a boost.

The BUX gained 183.22 points on a composite exchange turnover of HUF 10.2 billion, fluctuating in a 1.84% range between an intra-session low of 16,556.05 just after morning bell and an intra-session high of 16,861.45 at 10:10 p.m.

BSE blue-chips stood as follows at Tuesday’s closing bell:

OTP Bank gained 2.15% to HUF 3,238 on an exchange-high turnover of HUF 4.33 billion;

Oil and gas company MOL advanced 1.20% to HUF 16,000 on a turnover of HUF 3.14 billion;

Drug company Richter gained 0.71% to HUF 35,250 on a turnover of HUF 1.14 billion after reporting before the open of markets on Tuesday that the company’s third-quarter after-tax profit climbed a higher-than-expected 5.9% yr/yr to HUF 20.6 billion;

Magyar Telekom lost 0.59% to HUF 505 on a turnover of HUF 490m.

The BSE Big Four generated lower-than-average 89.2% of the exchange’s composite Tuesday trade as a result of the relatively heavy turnover of HUF 711m that automotive company Raba generated in the course of its 28.2% gain to HUF 795 after the Hungarian National Asset Management Company made a public purchase offer for the company at a price of HUF 815 per share on Monday.