ČEZ headquarters in Prague – illustrative photo.
Prague – The Prague Stock Exchange stagnated today. The PX index did fall, but only by 0.09 percent to 1399.25 points. The drop in the shares of the energy company ČEZ was offset by the increase in the price of the issues of Komerční banka and the Erste banking group. It follows from the results of trading on the exchange's website.
ČEZ shares today recorded the largest volume of trades and at the same time the most significant weakening of the main issues of the Prague Stock Exchange. They became cheaper by 2.51 percent to 991.50 crowns. Shares of the builder of solar power plants Photon Energy also fell by more than two percent, which weakened by 2.02 percent to 68 crowns.
However, the drop in the price of the most traded issue was partially offset by the strengthening of shares in the second and third places in the volume of today's trades, the securities of Komerční banka and Erste. Komerční banka shares gained 1.02 percent to 741.50 crowns and Erste shares gained 0.82 percent to 859 crowns. The securities of the insurance group VIG achieved the highest price increase, by 2.36 percent to 608 crowns.
The crown weakened slightly today, returning to the euro above the 23.70 CZK/EUR threshold
Today, as on Thursday, the koruna weakened again by a few pennies against both major world currencies. The euro returned above the level of 23.70 CZK/EUR, losing two pennies compared to the previous close and trading at 23.71 CZK/EUR around 17:00. Against the dollar, the Czech currency weakened by three pennies to 22.23 CZK/USD at the end of the working week. This follows from data on the Patria Online server.
The koruna has been steadily strengthening against the euro since around mid-November. Last week, it broke the 23.70 CZK/EUR barrier, this Wednesday it reached the rate of 23.64 CZK/EUR, making it the strongest against the euro since the end of July 2008. However, it weakened over the following two days.
The Czech currency according to Purple Trading's analyst Jaroslav Tupé confirmed the growing negative sentiment. “Markets are beginning to realize that central banks will not be in a hurry to loosen financial policy and that the period of high interest rates will continue until at least 2024,” he said.
Czech currency exchange rate:
Today around 5:00 PM
Source: Patria Online