BUX opens up 0.64%

Telco

The Budapest Stock Exchange's main BUX index opened up 0.64% at 17,356.80 on Friday.

OTP Bank rose 0.74% to HUF 3,405, oil and gas company MOL advanced 1.15% to HUF 17,095, drug maker Richter inched up 0.07% to HUF 35,820 and Magyar Telekom gained 0.20% to HUF 502.

Analyst Zsolt Balásy of Concorde Securities said the positive sentiment has lessened on developed markets and on the BSE alike.

Zoltán Varga of QUAESTOR said the Budapest market is ripe for a negative correction after the rally of the previous days. MOL, Richter and Egis all turned downward from key barriers in Thursday's session. The trend in these securities now points upwards, thus, after a possible fall, investors should look for buying opportunities next week.

As for OTP, the breakthrough could come above HUF 3,350; if the paper closes above this level, the price could rise next week, he said.

The BUX closed down 1.37% at 17,247.09 on Thursday, on turnover of HUF 16.4bn.

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