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BUX rallies to 0.18% gain

The Budapest Stock Exchange's blue-chip BUX index closed Wednesday trade up 0.18% to 21,992.72 as the easing of fears with regard to Tuesday's exchange of artillery fire between North Korea and South Korea and the publication of strong German business-sentiment and US employment data provided blue-chip indices throughout Europe with a boost.

The BUX rallied to a closing gain of 39.18 points on a light composite exchange turnover of HUF 13.92 billion, fluctuating in a 1.38% range between an intra-session low of 21,726.70 at 10:10 a.m. and an intra-session high of 22,027.35 at 2:40 p.m.

The mid-cap BUMIX index also gained on Wednesday, advancing 3.30 points, or 0.17%, to 1,983.71.

BSE blue-chips stood as follows at Wednesday's closing bell: OTP Bank gained 1.77% to HUF 5,226 on an exchange-high turnover of HUF 9.07 billion; Magyar Telekom lost 1.55% to HUF 570 on a turnover of HUF 1.89 billion; drug company Richter declined 0.63% to HUF 45,400 on a turnover of HUF 981 million; oil and natural gas company MOL lost 0.05% to HUF 20,190 on a turnover of HUF 1.03 billion.

The BSE Big Four generated 93.18% of the exchange's composite Wednesday turnover.

Péter Varjú of Erste Investment remarked that OTP was the only Budapest Stock Exchange blue-chip to gain on Wednesday, noting that the bank has established stiff weak-side resistance at the HUF 5,100 mark. Varjú commented the BSE generated only half of its usual turnover during its Wednesday session. The Erste Investment stockbroker characterized the BUX's Wednesday gain as a modest correction of recent losses, adding that the outlook is still negative at the Budapest bourse.

Other major central and eastern European blue-chip stock indices also closed higher on Wednesday, with Prague's PX-50 gaining 0.31% to 1,125.50 and Warsaw's WIG-20 advancing 0.92% to 2,662.32. (MTI-Econews)