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Budapest stocks end session in the red

The Budapest Stock Exchange blue-chip BUX index closed Wednesday trade down 1.4% to 21,419 as high yields on treasury bills sold at auctions in Italy and Spain and the continued failure of the US Congress to pass the debt-ceiling increase ahead of the August 2 deadline for avoiding default intensified global debt-worries among BSE investors.

The BUX lost 306 points on a turnover of HUF 8.56 billion, fluctuating in a 1.7% range between an intraday high of 21,753 shortly after morning bell and a low of 21,388 at 4:30 p.m.

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

OTP Bank tumbled 2.2% to HUF 5,420 on a turnover of HUF 6.53 billion.

Drugmaker Richter fell 1.7% to HUF 36,400 on a turnover of HUF 376 million.

Oil and gas group MOL dropped 1.5% to HUF 20,105 on a turnover of HUF 909 million.

Magyar Telekom was down 0.4% to HUF 536 on a turnover of HUF 441 million.