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BUX gains 2.7% on MOL speculation, positive sentiment

The Budapest Stock Exchange BUX index closed Tuesday trade up 2.7% at 23,061 as a positive correction of losses sustained over the previous three sessions and speculation ahead of Prime Minister Viktor Orbán’s announcement that Hungary had bought back a 21.2% stake in Hungarian oil and gas company MOL from Russian peer Surgutneftegas lifted the blue chip index to its first gain since last Wednesday.

The BUX added 598 on a turnover of HUF 15.49 billion.

MOL gained 4.1% to HUF 23,310 on a turnover of HUF 2.62 billion before the Budapest Stock Exchange suspended trade on the company's shares for the remainder of its Tuesday session at about 1:15 pm pending the prime minister's announcement.

Magyar Telekom advanced 3.4% to HUF 546 on a turnover of HUF 985 million. OTP rose 3% to HUF 6,050 on a turnover of HUF 10.64 billion. Richter fell 0.2% to HUF 35,865 on a turnover of HUF 678 million.