BUX opens 1.1% up boosted by rise on US market, progress on EFSF

Telco

The Budapest Stock Exchange's main BUX index opened up 1.10% at 17,577.10 on Wednesday.

OTP Bank rose 2.37% to HUF 3,460, oil and gas company MOL gained 1.18% to HUF 17,100, drug maker Richter opened up 0.27% at HUF 36,900 and Magyar Telekom rose 0.20% to HUF 509.

Analysts interviewed by MTI expected European stocks as well as the BSE to rise on Wednesday, citing an upturn on US markets on Tuesday and progress towards a German-Frech agreement on extending the European Financial Stability Facility (EFSF).

Zoltán Varga of Questor said expected buying pressure for BSE blue chips, which could boost OTP to 3,500. Pharmaceutical stocks are below important resistance levels for the moment, he said, putting that level at 17,500 for MOL.

Zsolt Balásy of Concorde Securities also expected an increase but noted that markets remained volatile and much will depend on the direction US market will take.

The BUX index closed 0.40% down at 17,386.69 on turnover of HUF 11.9bn on Tuesday.

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