BUX opens 1.1% up boosted by rise on US market, progress on EFSF
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.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.