Stock market at the highest values ​​for a year, the koruna broke 23.50 CZK/EUR

Money, euro, Czech crown, banknotes, coins – illustration photo.

Today, the Prague Stock Exchange closed at the highest values ​​in more than a year. The PX index during high activity added 0.78 percent to 1413.69 points. The last time he had a stronger finish was on February 18 of last year. Shares of Erste Bank, which published economic results, did the most today. This follows from the data of the stock exchange website. For the whole of February, the Prague Stock Exchange strengthened by 6.32 percent and since the beginning of the year it is stronger by 17.64 percent. The koruna broke through the 23.50 CZK/EUR barrier today, for the first time since the summer of 2008.

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The total volume of transactions on the Prague market reached almost 1.3 billion crowns today. “Thanks to the decisive day for updating the index, there was traditionally higher activity in the final auction,” said Fio bank's broker David Brzek. During the day, the PX index reached above 1418 points, but finally closed a little lower.

Erste Bank's securities rose in price by 2.67 percent to CZK 861.60. According to preliminary results, the bank that owns Česká spořitelna increased operating profit by 16.3 percent to four billion euros (94.5 billion CZK) last year. Interest in loans and interest growth, as well as a reduction in operating costs, helped mainly. Net profit attributable to the owners of the parent company increased to 2.16 billion euros from 1.92 billion euros a year ago. According to analysts, the results are better than expected.

“Neither Komerční banka nor Moneta matched their rival, and the shares of both domestic banks ended the day with a slight loss,” noted Brzek. Moneta Money Bank lost 0.59 percent to 84.80 crowns. Komerční banka wrote off 0.2 percent to 749.50 CZK.

The shares of the energy company ČEZ became the most traded title of the day, the volume of transactions with them exceeded 493 million crowns. They rose in price by 1.27 percent to 1,037 crowns. The pharmacy chain Pilulka, insurance company VIG and beverage company Kofola also ended in profit.

The koruna broke through the 23.50 CZK/EUR barrier today, for the first time since the summer of 2008

Today, for the first time since July 2008, the Czech currency strengthened below 23.50 CZK/EUR. In the afternoon, according to Patria Online server data, it reached 23.47 CZK/EUR. Shortly before the end of trading, it weakened slightly against the single European currency, but even so, its closing rate of CZK 23.52/EUR is the strongest in more than 14 and a half years.

From early Monday evening until 17:00 today, the koruna improved by a dime against the euro. In the same period, it strengthened against the dollar by 11 pennies to 22.17 CZK/USD.

The strengthening of the Czech currency is a reflection of the strengthening of the euro on the dollar market, said Komerční banka economist Jan Vejmělek. According to him, the pro-inflationary data published today also had an effect on the exchange rate. The Czech Statistical Office stated that producer prices in the Czech Republic continued to rise by tens of percent year-on-year this January.

“The koruna relies on the favorable wind of the interventions that have taken place and interest rates at seven percent,” believes XTB analyst Štěpán Hájek. He considers it strange that the Czech currency, together with other risky assets, has not corrected in recent weeks, as is customary. “It seems that the koruna has detached itself from other European and also global risk assets, with which it has been riding since the beginning of the year on the wave of better expectations for economic growth in Europe,” Hájek added. In his opinion, the koruna thus reaches stronger levels mainly thanks to the inertia of the previous movement.

The koruna has been steadily strengthening against the euro since around mid-November. But the crown is still over 70 pennies short of breaking the absolute record. At the beginning of the third decade of July 2008, it strengthened to 22.97 CZK/EUR.

Czech currency exchange rate:

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Source: Patria Online