As far as I can see it, everyone may have a different interpretation of actions based on their views of the subject. Personally, no, a hug from one male friend to another is not an act of homosexuality. However, I can understand the false assumption being that we're talking about the male opinion on what love or friendship is. For example, a male would never call his best friend his "boyfriend" though it is common for a female to be hanging out with her "girlfriends tonight". A hug is an action of some form of compassion whether it be to comfort or to share camaraderie. Unfortunately, societies are often raised with the certain mindset that male physical interaction should be respectfully limited to the handshake.
Now that I think about it, I wonder if we as men are under an instinctual fear of being too close to a male rival. Shaking hands can constitute a form of agreement and trust but also allows you the security of defending yourself if they might attack. A hug is more intimate while also making one more vulnerable to an attack. We also have to keep in mind that in the English language, "love" is an amorphous word that is often misconstrued as an ultimate form of affection.
I'm rambling. The act of a hug is not a form of sexuality, just like how a male to female hug nor female to female hug would be. It is simply an act of kinship that has been elaborated over the years as a sign of "love".