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BUX falls more than 3% as gov't stays on message about fiscal condition

The Budapest Stock Exchange's main BUX index fell 3.34% to 21,288.93 on Friday as the government continued to send worrying messages about the country's fiscal state.

The government's spokesman on Friday reaffirmed a comment by a top official of governing Fidesz likening Hungary's fiscal state with that of Greece. The official said Hungary has “a slim chance” to avoid fiscal and debt troubles similar to those of Greece, and the spokesman said this was “no exaggeration”.

OTP Bank lost the most of the blue chips, falling 11.03% to HUF 4,840 on turnover of HUF 72.5 billion, or about 80% of the extraordinarily high HUF 90.0 billion session total. OTP traded down as much as 15% during the session.

Oil and gas company MOL slipped 1.10% to HUF 18,000 on turnover of HUF 10.5 billion.

Magyar Telekom dipped 0.43% to HUF 692 on turnover of HUF 3.7 billion, and drug maker Richter was down 1.12% at HUF 44,000 on turnover of HUF 3.5 billion.

The bourse's mid-cap BUMIX index dropped 2.48% to 1,957.79.

Elsewhere in the region Warsaw's WIG 20 index fell 2.10% and the Prague PX slid 4.03%.

Western Europe's biggest indices were all lower late Friday. London's FTSE 100 fell 1.39% to 5,138.98, Frankfurt's DAX dropped 1.60% to 5,957.51 and the CAC 40 in Paris was down 2.78% at 3,458.47. (MTI – Econews)