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BUX opens down 2.79%

Telco

The Budapest Stock Exhange's main BUX index fell 2.79% to 19,183.07 on Monday after Standard & Poor's downgraded the United States' sovereign rating at the weekend.

OTP Bank dropped 3.62% to HUF 4,520, oil and gas company MOL lost 3.01% to HUF 17,750, drug maker Richter fell 2.19% to HUF 35,300 and Magyar Telekom opened down 1.14% to HUF 520.

Share prices are seen falling on the Budapest Stock Exchange on Monday after the United States' sovereign rating was downgraded by Standard & Poor's to 'AA plus' from 'AAA' at the weekend.

Analyst Gergely Gabler of Erste Investment said share prices will undoubtedly fall on the Budapest stock exchange as well since bourses are falling everywhere and futures indices also point to lower share prices.

Attila Csaky of UniCredit Bank said uncertainty is growing and there could be selling pressure on regional markets. He said the opening of US markets in the afternoon could determine how the BUX will end Monday's session.

The BUX dropped 1.66% to 19,733.14 on Friday, on turnover of HUF 27.2 billion. The BUX last closed under the 20,000 mark on November 3, 2009.

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