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BUX loses 1.49% as Korean artillery clash, Irish debt worries weigh on sentiment

The Budapest Stock Exchange's blue-chip BUX index closed Tuesday trade down 1.49% to 21,953.54 as a lethal exchange of artillery fire between North Korea and South Korea on an island in the Yellow Sea and continuing worries surrounding Ireland's debt crisis undermined sentiment at bourses throughout Europe.

The BUX lost 331.66 points on a composite exchange turnover of HUF 17.29 billion, fluctuating in a 1.82% range between an intra-session high at the index's opening mark of 22,201.89 and an intra-session low of 21,797.28 just before closing bell. Speculation on BSE blue-chips lifted the BUX over 150 points during the final minute of trade.

The mid-cap BUMIX index also declined on Tuesday, losing 32.49 points, or 1.61%, to 1,980.41.

BSE blue-chips stood as follows at Tuesday's closing bell: oil and natural gas company MOL lost 2.16% to HUF 20,200 on a turnover of HUF 2.4 billion; OTP Bank declined 1.44% to HUF 5,135 on an exchange-high turnover of HUF 12.31 billion; Magyar Telekom lost 1.36% to HUF 579 on a turnover of HUF 1.05 billion; drug company Richter declined 0.56% to HUF 45,690 on a turnover of HUF 414 million.

The BSE Big Four generated 93.55% of the exchange's composite Tuesday turnover.

Balazs Rózsa of OTP Bank remarked that not even the publication of better-than-expected third-quarter US GDP data could lift markets amid the predominating pessimism on Tuesday, noting that the Budapest Stock Exchange generated lower-than-average turnover during its Tuesday session.

Other major central and eastern European blue-chip stock indices also closed lower on

Tuesday, with Prague's PX-50 losing 1.71% to 1,122 and Warsaw's WIG-20 declining 0.29% to 2,637.95. (MTI-Econews)