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BUX opens up 1.43%

The Budapest Stock Exchange's main BUX index opened up 1.43% at 17,697.65 on Monday.

OTP Bank rose 1.63% to HUF 3,546, oil and gas company MOL advanced 2.05% to HUF 17,390, drug maker Richter gained 0.56% to HUF 35,900 and Magyar Telekom rose 1.40% to HUF 508.

Analysts interviewed by MTI said they expected to see positive sentiment and a wait-and-see attitude on the BSE on Monday.

Sándor Német of Buda-Cash Brokerage said the fundamentally optimistic mood could last until the weekend's EU summit.

Zsolt Balásy of Concorde Securities said it remains to be seen this week whether there will be a rally at the end of the year or share prices will turn downward again towards the earlier lows as the S&P 500 is at the top of its 3-month trading band on Monday. He said it could soon become clear how much the positive opening is worth.

The BUX closed up 1.17% at 17,448.83 on Friday, on turnover of HUF 9.0bn.