Update: 10/05/2024 17:29
Issued by: 10/05/2024, 17:29
Prague – The Czech currency stagnated against the euro on Friday and weakened slightly against the dollar. As of 5:00 p.m., the koruna had weakened against the dollar by two pennies to 23.15 CZK/USD. Against the euro, it remained unchanged at 24.93 CZK/EUR. This follows from data on the Patria Online server. The Prague Stock Exchange weakened for the first time this week.
On Thursday, the koruna strengthened against the euro, according to analysts thanks to data from the Czech Statistical Office on the growth of retail sales for March. The Labor Office of the Czech Republic published information on Friday that unemployment in the Czech Republic fell in April. “These macro data confirm the strong recovery of the domestic economy. At the same time, I present a certain warning to the Czech National Bank, when low unemployment, increasing pressure on wage growth and growing consumer appetite can have a pro-inflationary effect. Thanks to this, the problematic and still high inflation in services can subside more slowly, ” said Purple Trading analyst Jaroslav Tupý.
The PX stock index lost 0.09 percent to 1,550.16 points on Friday. The decline in the shares of the energy company ČEZ and Moneta Money Bank outweighed the growth of the securities of Erste Bank and insurance company VIG. This follows from the exchange’s website.
“The Prague Stock Exchange did not maintain this week’s positive trend and the last trading session ended in the red,” said Wood & Company broker Vladimír Vávra. The PX index traded decently in the plus for almost the whole day, but literally fell at the very end, Komerční banka analyst Bohumil Trampota described the trading. “The reason may be today’s drop in the price of ČEZ right before the end of trading, which pulled the entire index down with it,” he added.
CEZ shares fell by 1.15 percent to 902.50 crowns. According to Trampota, investors were likely taking quick profits that had accumulated since the beginning of the week. Moneta’s securities lost 0.72 percent to 97.20 crowns, Komerční banka shares also fell by 0.19 percent to 796.50 crowns.
“On the contrary, bigger losses were prevented today by Erste shares, which added 0.31 percent to CZK 1,134.50,” noted Vávra. VIG securities rose in price by 1.21 percent to 755 crowns. Shares of the beverage company Kofola strengthened by 0.73 percent to 275 crowns. Securities of Zbrojovka Colt CZ ended the day unchanged at 684 crowns.
Over the past week, the Prague Stock Exchange strengthened after three weeks of declines, the PX index rose by two percent to 1550.2 points. The shares of ČEZ grew the most, while the shares of cigarette manufacturer Philip Morris recorded the biggest decline. This follows from the exchange’s website. In the previous week, the PX index lost 1.5 percent.
“The Prague Stock Exchange did well in the past week and broke the previous three-week decline. The stock market rose on three out of the four trading days of the week, only weakened on Friday. The positive development during the week is due to CEZ shares as well as financial securities,” said Wood & Company broker Vladimír Vávra .
ČEZ shares rose by 6.05 percent to CZK 902.50 in a week-on-week comparison. Pilulka’s shares this week ended the previous five-week slump and strengthened by 2.86 percent to CZK 180. This was followed by VIG shares, which grew by 2.44 percent to CZK 755, and Erste shares. They added 1.75 percent to CZK 1134.50. Komerční banka shares rose by 1.34 percent to CZK 796.50, Kofola shares by 1.1 percent to CZK 275, and Photon Energy shares by 0.57 percent to CZK 43.85. During the week, Moneta shares added 0.31 percent to CZK 97.20.
The biggest losses of the week were recorded by Philip Morris shares, namely 6.78 percent to CZK 14,840. They last traded on Tuesday with a claim for a dividend of CZK 1,220 per share. Shares of the arms manufacturer Colt lost 0.15 percent to CZK 684, ending the growth streak that lasted the previous four weeks, noted Vávra.
Exchange rate of the Czech currency:
| Previous conclusion | Friday around 5:00 p.m | |
| CZK/EUR | 24.93 | 24.93 |
| CZK/USD | 23.13 | 23.15 |
Source: Patria Online
