The koruna is holding strong positions against the euro, but has weakened against the dollar

The koruna is holding strong positions against the euro, but has weakened against the dollar

The koruna remains strong against the euro, weakened against the dollar

Banknotes – euros – dollars – koruna.

Prague – The Czech currency continues to hold its strongest position against the euro since the summer of 2008. At around 17:00, it traded at 23.71 CZK/EUR, having weakened by two pennies compared to early Thursday evening. Against the dollar, it lost 19 pennies to 22.20 CZK/USD. This follows from data from the Patria Online server. The Prague Stock Exchange weakened today, the PX index fell by 0.6 percent to 1380.41 points. Not even the growth of ČEZ shares helped him.

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“The Czech koruna managed to strengthen yesterday (Thursday) and attacked the level of 23.6450 CZK/EUR around six o'clock in the evening,” said Purple Trading analyst Jaroslav Tupý.

Today, the Statistical Office published data on inflation. Consumer prices in the Czech Republic rose by 17.5 percent year-on-year in January. The pace of inflation accelerated, in December prices were 15.8 percent higher year-on-year. Compared to December, prices increased by six percent.

“The Czech National Bank will therefore clearly keep the interest rate at the current high values ​​for a longer period of time. The interest differential of the koruna against the euro will therefore remain highly attractive for traders and the Czech koruna will possibly it can shift to even stronger values,” stated Tupý.

A strong koruna is good news at the moment, as it helps dampen inflation by making imported goods cheaper, including energy raw materials. Traditionally, the effect of a stronger koruna is also positive for Czech tourists, for whom it makes stays abroad cheaper. On the contrary, the problem is the strong koruna for domestic exporters, which reduces their competitiveness.

The Prague Stock Exchange, which reached its highest value in almost a year on Thursday, weakened today. The PX index fell by 0.6 percent to 1380.41 points. The rise in the shares of the energy company ČEZ did not help him either. On the contrary, Erste Bank lost significantly. It follows from the data of the stock exchange website.

“Profits were taken on the global stock markets today, and the Prague Stock Exchange also moved in the negative territory during the entire session due to the deteriorating sentiment,” said Fio bank's broker Josef Dudek. Despite today's loss, the PX index posted a gain of almost two percent for the entire week.

Most of the financial sector ended in the red today. Erste Bank's securities fell by 3.14 percent to 846 crowns. Komerční banka wrote off 1.46 percent to 740.50 CZK and insurance company VIG worsened by 0.83 percent to 599 CZK. Only Moneta Money Bank avoided losses, ending with a slight gain of 0.12 percent at CZK 84.20.

ČEZ became the most successful title, gaining strength for the eighth day in a row. Today it was 2.41 percent to 978 crowns. “Trading activity for CEZ shares remained above average, more than half a million shares changed hands today, which is roughly twice the three-month average volume of trades,” said broker Wood & Company Vladimír Vávra.

Czech currency exchange rate:

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Preliminary conclusion

Today around 17:00






Source: Patria Online

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In the past week, the PX index strengthened by 1.87 percent. It grew for the eighth time in a row

In the past week, the Prague Stock Exchange rose for the eighth week in a row. The PX index increased by 1.87 percent to 1380.41 points. ČEZ shares strengthened the most, while Pilulka shares weakened the most. This follows from the exchange's website. This week, the PX index increased its gains this year to almost 15 percent, and thus finds itself back above the levels from the end of February last year, i.e. before the beginning of Russian aggression in Ukraine. In the previous week, the Prague Stock Exchange added 1.8 percent.

During the week, CEZ shares rose by 6.59 percent to CZK 978. Erste shares rose by 1.59 percent to CZK 846, and Moneta shares by 1.81 percent to CZK 84.20. During the week, the shares of the Colt arms company also strengthened, by 0.17 percent to CZK 586. During the week, Philip Morris shares added 0.47 percent to CZK 17,020.

“For ČEZ shares, in addition to a more than six percent price increase, we also witnessed above-average business activity in terms of the traded volume of shares. They also improved their balance sheets this year the shares of Erste Bank and Moneta Money Bank. The exception in the financial sector was the shares of Komerční banka, where we witnessed profit taking at the end of the week. Although the bank published slightly better results for the fourth quarter of 2022, the management's outlook for this year did not bring significant surprises. ” said broker Wood & Company Vladimír Vávra.

On the contrary, compared to last week, Pilulka shares ended in a loss. They weakened by 5.33 percent to CZK 710. Of the financial titles, Komerční banka shares ended up weaker in the week-on-week comparison, losing 0.4 percent to CZK 740.50. Photon Energy shares fell by 2.39 percent to CZK 65.40 and Kofola shares by 0.79 percent to CZK 250. VIG shares ended the week unchanged at CZK 599.