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BUX kicks off high Q3 flash-report season with sharp advance

Gains from all BSE Big Four issuers, Mol, Magyar Telekom, OTP and Richter, lifted the Budapest Stock Exchange's (BÉT) blue-chip BUX index to a hale Thursday advance of 506.25 points to 23,572.78.

The BUX posted its fifth-consecutive gain, rising 2.19% on an immense composite exchange turnover of Ft 44.04 billion (€169 million), fluctuating in a 423.30-point range between an intra-session low of 23,149.48 at 9:15 a.m. and an intra-session high at the index's closing mark of 23,572.78. The mid-cap BUMIX index posted its second-consecutive slight decline on Thursday, losing 3.64 points, or 0.16%, to 2,309.45.

The BSE Big Four, which account for 87.89% of the BUX index's point value, stood as follows at Thursday's closing bell: Oil and natural gas company Mol gained 4.59% to Ft 21,755 on a mammoth, exchange-high turnover of Ft 21.46 billion. Magyar Telekom advanced 3.12% to Ft 990 on a turnover of Ft 1.87 billion after the company's Thursday-morning flash report showed a consensus-beating Q3 net profit of Ft 23.37 billion and a record-high Q3 EBITDA of Ft 67.9 billion. OTP Bank gained 1.32% to Ft 7,660 on a turnover of Ft 12.42 billion. Pharmaceutical company Gedeon Richter advanced 0.91% to Ft 44,200 on a turnover of Ft 3.69 billion.

The BSE Big Four generated 89.55% of the exchange's composite Thursday turnover. Thursday's leading BUX gainer was IT company Synergon, which advanced 7.14%. Thursday's leading BUX decliner was Egis, which lost 3.74% on a brisk turnover of Ft 2.25 billion after the drug company reported a Q4 consolidated after-tax profit of Ft 2.48 billion in its Thursday-morning earnings bulletin. It is a year-on-year increase of 11%, though slightly less than the Ft 2.79 billion estimated in a portfolio.hu analyst poll. Of 12 BUX-listed issuers, nine gained on Thursday, while only Egis and the South Hungarian Power Distribution Company (Démász) lost.

Thursday's leading BUMIX gainer was cross-listed Synergon. Thursday's leading BUMIX decliner was Graphisoft, which lost 4.01% as investors expressed their disappointment with the architectural-software company's Thursday-morning flash report showing an unconsolidated net profit of €2.88 million in the first three quarters of 2006, compared to losses of €129,000 over the same period last year. Of 16 BUMIX-listed issuers, which include six companies cross-listed on the BUX index, eight gained on Thursday, while six lost and two ended at the break-even mark.

Other major central and eastern European blue-chip stock indices recorded more moderate advances on Thursday, with Prague's PX-50 gaining 0.44% to 1,561 and Warsaw's WIG-20 rising 0.12% to 3,240.16. (Mti-Eco)