Prague bourse falls below 2,600 pts amid conflict in Middle East

Prague, March 3 (CTK) - The Prague Stock Exchange (BCPP) continues to weaken due to the ongoing conflict in the Middle East, its PX index falling by 2.41 percent to 2,585.79 points today, and it dropped below the 2,600-point mark for the first time since mid-December last year, according to the bourse's website.

Most major stocks declined, with only shares of drone manufacturer Primoco and engineering company Doosan Skoda Power finishing in positive territory.

"The global stock market decline due to the escalation of the conflict in the Middle East has also affected the Prague Stock Exchange today. Investors are not reassessing only their stock positions. Cryptocurrency and gold prices are falling, while government bond yields, oil, and gas prices are rising," said Wood & Company broker Barbora Zelena.

The biggest drop was seen in shares of insurance company VIG, falling by 5.15 percent to CZK1,510. Securities of the Erste banking group declined by 4.51 percent to CZK2,310, and Komercni banka shares wrote off 1.64 percent to CZK1,138.

Moneta's shares also closed in the red, down 0.93 percent to CZK191.20. Energy group CEZ lost 0.74 percent to CZK1,200. Arms maker Colt shares decreased by 1.11 percent to CZK887, and tobacco company Philip Morris shed 0.25 percent to CZK20,000. Shares of beverage maker Kofola dropped 0.21 percent to CZK474, while metallurgical company Gevorkyan reported a loss of 1.68 percent to CZK234. Shares of solar power plant builder Photon Energy erased 1.15 percent to CZK7.71. Karo Leather, trading on the Prague main market for the second day, weakened by 0.57 percent to CZK174.

Only shares of Primoco UAV performed well, rising by 3 percent to CZK1,030, along with Doosan Skoda Power, which gained 0.12 percent to CZK408.50.

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