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BUX tumbles on eurozone debt contagion fears

The Budapest Stock Exchange blue-chip BUX index closed Wednesday trade down 1.4% to 20,527 as concerns the eurozone debt crisis could spread to Italy and pessimism regarding the global economic-growth outlook weighed on sentiment at bourses throughout Europe.

The BUX lost 284 points on a heavy composite exchange turnover of HUF 30.9 billion, the BSE's highest intra-session trade since April 7. The BUX fluctuated in a 2.6% range between an intraday high of 20,769 at 11:10 a.m. and a low of 20,229 at 4:40 p.m.

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

OTP Bank fell 3.6% to HUF 4,894 on a turnover of HUF 25.5 billion.

Magyar Telekom declined 1.3% to HUF 536 on a turnover of HUF 613 million.

Drugmaker Richter fell 0.3% to HUF 37,195 on a turnover of HUF 876 million.

Oil and gas group MOL jumped into positive territory just before closing bell, gaining 0.4% to HUF 19,380 on a turnover of HUF 3.3 billion.