BUX opens down 0.3%

Telco

The Budapest Stock Exchange main BUX index opened down 0.3% on Tuesday.

OTP Bank fell 1.1% to HUF 4,401, oil and gas group MOL rose 0.5% to HUF 17,590, drugmaker Richter fell 0.5% to HUF 34,500 and Magyar Telekom dropped 0.4% to HUF 508.

Analysts interviewed by MTI said the positive correction of the previous days could come to an end on the BSE on Tuesday.

Zsolt Balásy of Concorde Securities said market sentiment has deteriorated even though the US indices closed well.

András Somi of KBC Securities said Tuesday's trading will be mainly directed by macroeconomic data. He noted Germany's weaker-than-expected GDP data, which came shortly before the opening. The euro zone GDP data is also due out on Tuesday, and markets will be watching the talks between Angela Merkel and Nicolas Sarkozy on the European debt crisis.

The BUX closed up 4.5% at 18,840 on Monday on turnover of HUF 16.9 billion.

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