BUX opens down 0.9%

Telco

The Budapest Stock Exchange's main BUX index opened down 0.9% at 17,304.93 on Thursday.

OTP Bank lost 2.58% to HUF 3,400, oil and gas company MOL fell 0.41% to HUF 16,930, drug maker Richter inched down 0.01% to HUF 35,695, and Magyar Telekom dropped 0.39% to HUF 505.

Analyst Gergely Gabler of Erste Investment told MTI global sentiment is tense before Sunday's EU summit, which also sent US share indices into negative territory on Wednesday, adding that the Hungarian market is also primarily influenced by the international mood.

There is great uncertainty as to whether European leaders will manage to develop a comprehensive solution towards solving the European debt crisis, he said. Several proposals have already been published in the press as well as the denials of these, for example, on the expansion of the euro zone rescue fund, the EFSF, the consolidation of European banks or the extent of the writing off of Greece's sovereign debt, he said.

The BUX closed up 0.43% at 17,461.50 on Wednesday, on turnover of HUF 12.2bn.

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