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BUX tumbles on Portugal downgrade

The Budapest Stock Exchange closed Wednesday trade down 1.2% with the blue chip BUX index finishing at 22,115 after Moody's downgrade of Portugal's debt to "junk" status weighed on sentiment at bourses throughout Europe.

The BUX lost 261 on a turnover of HUF 16.14 billion. The BSE blue chip index fluctuated in a 2.3% band on Wednesday, spiking to an intraday of high of 22,570 at 9:15 am and dipping to an intraday low of 22,049 shortly before 5:00 pm.

The four BSE blue chip companies stood as follows at Wednesday's closing bell:

OTP Bank plunged 2.5% to HUF 5,750 on a turnover of HUF 7.61 billion.

Magyar Telekom shed 2.1% closing at HUF 571 on a turnover of HUF 369 million.

Oil and gas company MOL fell 1.2% to HUF 19,900 on a turnover of HUF 6.84 billion;

Drugmaker Richter rose 1.5% to HUF 37,600 on a turnover of HUF 1.11 billion.