The koruna continues to improve year-old highs against the euro, strengthening to 23.64 CZK/EUR

The koruna continues to improve year-old highs against the euro, strengthening to 23.64 CZK/EUR

The koruna continues to improve and flies to a high against the euro, strengthening to CZK 23.64 /EUR

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

Prague – Today, the koruna once again improved its more than fourteen-year highs against the euro. Compared to the previous close, it strengthened by six pennies and around 17:00 it was trading at the rate of 23.64 CZK/EUR. The last time it was stronger was at the end of July 2008. Against the dollar, the Czech currency, on the other hand, weakened by seven pennies to 22.14 CZK/USD, according to information on the Patria Online server. The Prague Stock Exchange weakened slightly, PX fell by 0.23 pct to 1407.12 points. ČEZ, KB, Erste and VIG did not do well, on the contrary, Moneta strengthened by almost three percent.

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The koruna has been steadily strengthening against the euro since around mid-November. Already at the end of last year, the euro reached its strongest exchange rate in the last 11 years. Last week, it broke the 23.70 CZK/EUR barrier and closed with the best result in the last 14 and a half years. But the crown still lacks almost 70 pennies to break the absolute record. At the beginning of the third decade of July 2008, it strengthened to 22.97 CZK/EUR.

“The koruna has been helped in recent weeks by the fact that investors suspect that the Czech National Bank would relaunch foreign exchange interventions if there were fears of a further weakening of the koruna. It would therefore be appropriate for this condition to cease to apply before central bankers begin to reduce interest rates,” say Next Finance analysts Markéta Šichtařová and Jiří Cihlář.

The Prague Stock Exchange reversed today and weakened slightly after two days of growth. The PX index fell by 0.23 percent to 1407.12 points. It was mainly driven down by energy company ČEZ, Komerční banka, Erste Bank and insurance company VIG. On the other hand, the shares of Moneta Money Bank did well, increasing by almost three percent. It follows from the trading results on the exchange's website.

“The reason for the decline (of the index), just as they were the reason for the growth in the past days, are CEZ shares. After ten consecutive days of growth, this chain was broken today,” said Bohumil Trampota from Komerční banka. He added that ČEZ shares were traditionally the most traded securities today with a share of almost 80 percent of the total volume of the stock exchange. They ended the day lower by 1.05 percent to CZK 1,036.

Of the banking securities, Komerční banka's securities weakened by 0.87 percent to CZK 742, and Erste Bank lost 0.61 percent to CZK 848.20. On the contrary, Moneta Money Bank gained 2.84 percent, the company's shares rose to 87 crowns. Shares of insurance company VIG fell by 1.16 percent to 598 crowns.

Of the smaller issues, the shares of Pilulka Lékárny weakened by 0.71 percent and arms manufacturer Colt CZ by 0.17 percent. On the other hand, tobacco shares Philip Morris improved by 0.47 percent and beverage company Kofola also gained 0.4 percent. That year, sales rose by 18.7 percent year-on-year to 7.88 billion crowns, and operating profit before depreciation, according to preliminary economic results, fell by 1.8 percent to 1.11 billion crowns. The company published the results after the close of trading.

Photon Energy securities rose by 2.42 percent to 67.80 crowns today. According to preliminary financial results published today, the international solar group with Czech roots recorded a net profit of 66.1 million crowns last year. A year earlier, it ended up with a loss of over 152 million crowns. Sales increased by 159 percent year-on-year to 2.2 billion crowns.

Exchange rate of the Czech currency:

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Today around 17:00


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Source: Patria Online