The koruna weakened slightly against the euro and stagnated against the dollar, the Stock Exchange lost

The koruna weakened slightly against the euro and stagnated against the dollar, the Stock Exchange lost

The crown weakened slightly against the euro and stagnated against the dollar, the Stock Exchange lost

Euro, dollar and crown – illustration photo.

Prague – The Czech currency closed almost unchanged against the euro today after initial losses. Around 17:00, it traded at 23.60 CZK/EUR, three pennies weaker than at Wednesday's close. Against the dollar, the koruna stagnated at 22.33 CZK/USD. This follows from Patria Online server data and analysts' comments.

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Today, the koruna weakened slightly against the euro, stagnated against the dollar

“After the initial weakening, the Czech koruna wiped out slight losses at the end of the day and ended practically unchanged,” said Komerční banka analyst Kevin Tran Nguyen. “Today was relatively uninteresting for the koruna, its exchange rate did not enjoy any further trips and it is at 23.60 against the euro,” added Patria Finance analyst Tomáš Vlk.

On Wednesday, the Czech currency weakened to 23.67 CZK/EUR, today it temporarily reached 23.63 CZK/EUR. According to analysts, the koruna is under pressure as the market expects an increase in the dollar base interest rate and a similar move by the European Central Bank. At the same time, the koruna interest rate is expected to remain unchanged at the March meeting of the banking board of the Czech National Bank.

The stock market lost today, mainly driven by banks

The Prague Stock Exchange erased its Wednesday gains. The PX index fell by 0.88 percent to 1396.61 points today. It was mainly dragged down by financial titles led by Erste. In the opposite direction to the index, the shares of the company Philip Morris CR mainly acted. This follows from data on the stock exchange's website.

Six out of ten issues affecting the value of the PX index ended today's trading with a loss, the other two titles stagnated. “While the European markets tried to gradually eliminate the morning losses, the domestic stock exchange knew only the downward direction,” said Komerční banka analyst Bohumil Trampota.

The securities of the Austrian banking group Erste lost the most, dropping by 1.84 percent to CZK 843.60. However, the other two bank issues traded in Prague, namely Komerční banka and Moneta, did not fare well either. Their shares weakened by 1.19 percent to 746 CZK, respectively by 0.12 percent to 84.90 crowns.

Outside the financial sector, for example, the shares of the energy company ČEZ lost. Their price fell by 0.4 percent to CZK 1,000. “After the previous significant volatility, ČEZ has 'calmed down' in the last three days,” noted Fio bank's broker Pavel Hadroušek.

Shares of Photon Energy and Philip Morris ČR went on the stock exchange today against the prevailing trend. The first of them rose in price by 0.61 percent to 65.80 crowns, the cigarette manufacturer's securities strengthened by 0.12 percent to 17,400 CZK per piece.

Czech currency exchange rate:

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Previous conclusion

Today around 5pm






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Source: Patria Online