BUX gains 3%, outperforming blue-chip peers on PM’s conciliatory remarks

The Budapest Stock Exchange’s BUX index closed Wednesday trade up 3.05% to 18,150.30, outperforming European blue-chip peers on Prime Minister Viktor Orban’s conciliatory remarks at a Wednesday-afternoon plenary session of the European Parliament regarding the European Commission’s opposition to new laws in Hungary.

The BUX advanced 537.45 points on a composite exchange turnover of HUF 17.98bn, jumping over 200 points in the hour following Mr Orban’s statement that the EC’s objection to the laws "could easily, simply and quickly be resolved." The BUX fluctuated in a 2.73% range between an intra-session low of 17,646.10 at 9:15 a.m. and an intra-session high of 18,127.27 at 4:00 p.m.

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

Oil and gas company MOL gained 4.20% to HUF 18,600 on a turnover of HUF 4.88bn;

Magyar Telekom advanced 4.01% to HUF 545 on a turnover of HUF 1.68bn;

OTP Bank gained 2.48% to HUF 3,510 on an exchange-high turnover of HUF 10.2bn;

Drug company Richter advanced 1.66% to HUF 37,095 on a turnover of HUF 732m.

The BSE Big Four generated 97.3% of the exchange’s composite Wednesday turnover.