BUX opens down 1%

Telco

The Budapest Stock Exchange's main BUX index opened down 1% at 17,923 on Friday.

OTP Bank fell 0.6% to HUF 3,955, oil and gas group MOL lost 1.2% to HUF 16,500, drugmaker Richter dropped 1.4% to HUF 35,300 and Magyar Telekom dipped 1.2% to HUF 500.

Analysts interviewed by MTI said they expected to see selling pressure on the Budapest Stock Exchange on Friday.

Gergely Gabler of Erste Investment attributed Thursday's fall of US indices to the catastrophic -30.7% August figure of the Philadelphia Federal Index, which he said signals a forthcoming recession. He said OTP Bank's good Q2 result does not help either as that is about the past, while everybody is seeing a dark future now.

Zsolt Balásy of Concorde Securities also said the better-than-expected OTP data has come at a bad time as nobody will notice it amid the current pessimistic mood.

The BUX closed down 2.83% at 18,103.60 on Thursday, on turnover of HUF 16.4 billion.

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