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BUX opens down 1.77%

The Budapest Stock Exchange's main BUX index opened down 1.77% at 16,482.61 on Monday.

OTP Bank lost 2.94% to HUF 3,630, oil and gas company MOL fell 2.81% to HUF 14,680, drug maker Richter inched down 0.02% to HUF 32,495 and Magyar Telekom dropped 1.22% to HUF 486.

Analysts interviewed by MTI said they expected to see a negative mood on the BSE on Monday.

Zsolt Balásy of Concorde Securities said he feared that the Budapest bourse could be one of the weakest among falling markets. We can really start worrying now that developed markets, continuously rising last week, are beginning this week under selling pressure, he said. He added that we missed out on last week's rebound, which could even provide some protection, however, he does not think that is the case as the forint is weakening frighteningly Monday morning.

The BUX closed down 0.11% at 16,779.45 on Friday, on turnover of HUF 14.3 billion.