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BUX rallies on US debt resolution hopes

The Budapest Stock Exchange BUX index closed Friday trade up 1.4% as US President Barack Obama's comment on Friday afternoon, Central European Time, that he was confident that Congress would reach a compromise with regard to an elevation of the country's debt ceiling lifted the BSE blue-chip index to its first gain since Thursday of last week.

The BUX jumped over 600 points in the final 80 minutes of trade, closing the BSE's Friday session up 295.93 points on a turnover of HUF 12.13 billion. The BUX fluctuated in a broad, 2.91% range between an intra-session low of 21,006 at 3:45 p.m. and an intra-session high at the index's closing mark of 21,618.

The four blue-chips stood as follows at Friday's closing bell:

Drugmaker Richter jumped 3.3% to HUF 37,500 on a turnover of HUF 603 million.

Oil and gas group MOL advanced 2.3% to HUF 20,200 on a turnover of HUF 3.2 billion.

Magyar Telekom rose 1.1% to HUF 543 on a turnover of HUF 336 million.

OTP Bank finished flat at HUF 5,450 on a turnover of HUF 7.57 billion.