Prague Stock Exchange. Illustrative photo.
Prague – The Prague Stock Exchange lost slightly today. The PX index weakened by 0.13 percent to 1413.28 points. Securities of Erste Bank and Komerční banka dragged the stock market into the red. It follows from the results of trading on the exchange's website.
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Four out of ten titles affecting the value of the index ended today's trading with a loss. “The heaviest stone on the stock market's neck that dragged it to the bottom was Erste today,” commented Komerční banka analyst Bohumil Trampota. Erste Bank's shares lost roughly a percent to CZK 759.70 apiece. “Komerční banka didn't shine either, and after five days of growth, it partly corrected these gains today,” added the analyst. Komerční banka shares lost 0.59 percent to CZK 758. The securities of the arms company Colt also fell, namely by 0.69 percent to CZK 578, and the securities of the insurance company VIG by 0.16 to CZK 613.
CEZ securities, which were the main driver of growth in previous weeks the Prague Stock Exchange, gained 0.35 percent today to CZK 1,154 per piece. Shares of Kofola, among others, rose by 0.41 percent to CZK 246 and Moneta by 0.48 percent to CZK 84.50.
“A number of companies reported their quarterly results today. The vast majority beat market estimates. However, today we are waiting for the results of the giants Alphabet and Microsoft, who will announce the numbers after the market closes. They could determine the next direction of trading,” says Trampota.
< h3>The Czech currency weakened slightly against the euro today and did not do well against the dollar either
The koruna weakened against both major world currencies today. The euro lost two pennies to 23.50 CZK/EUR from Monday evening and the dollar lost 12 pennies to 21.41 CZK/USD. This follows from the data of the Patria Online server around 17:00 today.
The crown is waiting for the meeting of the bank board of the Czech National Bank (ČNB), which will be held next week on Wednesday, according to Purple Trading analyst Jaroslav Tupý . According to him, most traders still believe that the interest rate will remain at seven percent, where it has been since last June.
The situation is also aggravated by the fact that central bankers will not have enough data to adjust the base interest rate. “According to them, a possible increase in the interest rate will only come if the pressure on wage growth increases and this could start a dangerous spiral of wage inflation. They will receive these data only with a delay in the middle of the year,” said Tupý.
On the contrary, data on the growth of economic confidence published on Monday could support the Bank Board's decision to increase the base interest rate. In April, according to the Czech Statistical Office, it increased by 3.3 points month-on-month to 97.2 points. “This signals that economic activity in the Czech Republic is developing in a favorable direction, but this rather creates increased inflationary pressures,” explains Tupý, which could motivate the central banker to raise rates slightly.
Czech currency exchange rate:< /h4>
|
Previous conclusion |
Today around 17:00 |
|
|
CZK/EUR |
23.48 |
23.50 |
|
CZK/USD |
21.29 < /td> |
21.41 |
Source: Patria Online
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