Prague – The Czech currency weakened slightly against the euro on Friday and traded at 23.62 CZK/EUR around 17:00. During the week, the crown weakened against the euro by 0.7 percent. Against the dollar, it strengthened by 23 pennies to 22.10 CZK/USD today. This follows from the data of the Patria Online server and the statements of analysts. The Prague Stock Exchange closed the lowest in more than a month.
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“The Czech koruna continues to weaken (against the euro) and practically did not react to the inflation values published today,” said Purple Trading analyst Jaroslav Tupý. According to him, the inflation values support the position of the banking board of the Czech National Bank to maintain the base interest rate at the next meeting at the current value, i.e. at seven percent.
The Czech Statistical Office reported today that year-on-year growth in consumer prices in the Czech Republic slowed down from 17.5 percent in January to 16.7 percent in February this year. Month-on-month inflation fell even more significantly than year-on-year. While prices rose by six percent month-on-month in January, they rose by 0.6 percent in February.
“The Czech koruna weakened relatively consistently during the week and weakened (against the euro) by a total of 0.7 percent during the week,” wrote Komerčná banka analyst Kevin Tran Nguyen.
The PX stock index fell by 1.46 percent to 1376.23 points on Friday. Bank securities in particular lost the same as on Thursday. Erste Bank's securities were written off by more than four percent. This is according to the exchange's website.
The PX index ended the day lower than on Friday for the last time on February 8. “The Prague Stock Exchange weakened by a significant 1.46 percent, and it was the most significant drop this year,” noted Fio bank broker David Brzek. Bank shares, like those in Western European exchanges, reacted with a decline to Thursday's sell-off in US bank stocks after news of regional bank SVB Financial's financial problems, said broker Wood & Company Vladimír Vávra.
Erste Bank securities fell by 4.03 percent to 809.60 crowns, Komerční banka fell by 1.94 percent to 731.50 crowns and Moneta Money Bank by 0.71 percent to 84.30 crowns. Securities of insurance company VIG fell by 0.97 percent to 610 crowns.
Shares of the arms company Colt CZ lost seventeen hundredths of a percent, ending at 588 crowns. At the end, the securities of the energy company ČEZ were at the same value as on Thursday at 1,000 crowns. “The only rising title today was Philip Morris shares, which strengthened by 0.11 percent to CZK 17,420,” added Vávra.
Over the past week, the Prague Stock Exchange has weakened the most since the beginning of the year. The PX index fell by 3.11 percent. The shares of Erste and ČEZ weakened the most, while Moneta, on the other hand, recorded the strongest growth. This follows from the exchange's website. In the previous week, the Prague Stock Exchange grew by 2.35 percent.
“At the end of the week, bank shares responded to nervousness in the financial sector on foreign markets, which was triggered by the fall of the American regional bank SVB Financial,” said broker Wood & Company Vladimír Vávra. Erste recorded the biggest drop among the traded titles when it weakened by 5.77 percent to 809.60 crowns. Komerční banka's shares fell by 2.47 percent to 731.40 crowns.
Shares of the energy company ČEZ also weakened, losing 5.75 percent to 1,000 crowns. “The decline in ČEZ shares this week took place in the absence of specific price-setting news and can therefore be considered more like profit-taking. At the same time, the title still attributes an almost 30 percent increase since the beginning of the year,” said Vávra.
Loses were also recorded insurance company VIG, which weakened by 1.61 percent to 610 crowns, and Kofola, which wrote off 1.58 percent to 249 crowns. In the weekly comparison, the shares of the Colt armory, which ended at 588 crowns, and Pilulky, which is at 640 crowns, remained unchanged in the weekly comparison. . Moneta was the strongest title of the past week with a gain of 0.48 percent to CZK 84.30. Philip Morris added 0.46 percent to 17,420 crowns, strengthening for the sixth week in a row.
Czech currency exchange rate:
|
Preliminary |
Friday around 5pm |
|
|
CZK/EUR |
23.60 |
23.62 |
|
CZK/USD |
22.33 |
22.10< /p> |
Source: Patria Online
