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BUX pares gains on dampened hopes for EU summit deal

The Budapest Stock Exchange's main BUX index rose in the first part of the session on Tuesday but pared gains with other indices in the afternoon after comments by German chancellor Angela Merkel dampened hopes European Union leaders would take big steps to solve the sovereign debt crisis at a summit on Wednesday. The BUX finished the day up 0.41% at 17,838.28.

Merkel said Germany does not support language in the draft communique for the EU summit that suggests the European Central Bank should continue buying bonds of weaker eurozone members.

OTP Bank edged up 0.17% to HUF 3,560 on turnover of HUF 9.3bn or almost 60% of the HUF 15.8bn session total.

Oil and gas company MOL gained 1.73% to HUF 17,600 on turnover of HUF 4.7bn.

Drugmaker Richter advanced 1.21% to HUF 35,980 on turnover of HUF 1.1bn, but Magyar Telekom dipped 2.08% to HUF 517 on turnover of HUF 293m.

Elsewhere in the region, Warsaw's WIG 20 fell 1.90% but the Prague PX rose 0.50%.

Western Europe's biggest indices were all lower late Tuesday. London's FTSE 100 fell was down 0.62%, Frankfurt's DAX dropped 0.33% and the CAC 40 in Paris slid 1.63%.