Are you sure?

Budapest bourse opens on firm footing

The Budapest Stock Exchange main BUX index opened up 0.9% at 21,460 on Monday.

OTP Bank rose 1.7% to HUF 5,320, oil and gas company MOL gained 1.4% to HUF 20,500, drugmaker Richter fell 0.9% to HUF 36,655 and Magyar Telekom advanced 0.6% to HUF 537.

Analyst Balázs Sore of Buda-Cash Brokerage said there could be a possible correction on the BSE on Tuesday following Monday's losing session as there is no negative news from either overseas or Asia.

Exchange rate changes are likely to impact the price of OTP shares and entire Budapest stock exchange, he said. There are currently several factors on global markets - corporate earnings reports, the European debt crisis, the US debt ceiling - which can create substantial volatility.

The BUX closed down 3.7% at 21,277 on Monday on turnover of HUF 16.4 billion.