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BUX gains 1.04% as positive corporate results, Fed minutes boost market sentiment

Budapest, October 13, 2010 (MTI-ECONEWS) - The Budapest Stock Exchange's blue-chip BUX index closed Wednesday trade up 1.04% to 23,648.58.

The BUX gained 242.61 points on a heavy composite exchange turnover of HUF 37.68 billion as the publication on Tuesday evening, Central European Time, of minutes from the US Federal Reserve's September meeting indicating that the Fed is preparing to purchase more Treasury bonds and the Wednesday release of better-than-expected earnings from major US corporations such as JPMorgan Chase, Intel and CSX lifted market sentiment throughout Europe. The BUX fluctuated in a narrow, 0.98% range between an intra-session low of 23,419.35 at 3:50 p.m. and an intra-session high at the index's closing mark of 23,648.58.

The mid-cap BUMIX index also gained on Wednesday, advancing 24.70 points, or 1.13%, to 2,201.70.

BSE blue-chips stood as follows at Wednesday's closing bell:
OTP Bank gained 3.11% to HUF 5,702 on an exchange-high turnover of HUF 22.85 billion; drug company Richter advanced 3.02% to HUF 48,700 on a turnover of HUF 3.02 billion; Magyar Telekom declined 2.92% to HUF 631 on a turnover of HUF 4.37 billion after Prime Minister Viktor Orbán announced on Wednesday afternoon that the government would impose a three-year extraordinary tax of HUF 61 billion per year on companies operating in Hungary's telecommunications sector. Oil and natural gas company MOL lost 0.69% to HUF 20,850 on a turnover of HUF 6.3 billion.

The BSE Big Four generated 96.97% of the exchange's composite Wednesday turnover. Other major central and eastern European blue-chip stock indices also closed higher on Wednesday, with Prague's PX-50 gaining 1.04% to 1,151.90 and Warsaw's WIG-20 advancing 2.48% to 2,693.08. (MTI-Econews)