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Budapest Stock Exchange continues downward spiral

The Budapest Stock Exchange BUX index closed Wednesday trade down 6.8% as fears ratings agencies may be prepared to downgrade France's triple-A credit ranking dragged down bourses throughout Europe.

The BUX lost 1,257 points to its lowest closing mark since July 31, 2009 at 17,381.28 on a heavy composite exchange turnover of HUF 35.42 billion. The BUX fluctuated in an exceptionally broad, 10.9% range between an intraday high of 19,160 at 9:45 a.m. and a low of 17,064 at shortly before 4:30 p.m.

The four blue chips stood as follows at Wednesday's closing bell:

OTP Bank plunged 12.2% to HUF 3,931 on an enormous turnover of HUF 24 billion, tracking declines from major European banks such as BNP Paribas and Credit Agricole.

Oil and gas group MOL fell 6.7% to HUF 15,770 on a turnover of HUF 6.85 billion.

Drug company Richter dropped 4.35% to HUF 33,000 on a turnover of HUF 2.41 billion.

Magyar Telekom finished down 2.2% at HUF 491 on a turnover of HUF 1.35 billion.