Prague bourse firms after two weeks of losses

Prague, Oct 16 (CTK) - The Prague Stock Exchange (BCPP) strengthened this week after two consecutive weeks of losses, its PX index adding 3.13 percent to close the week at 2,657.34 points, marking its biggest week-on-week gain since April 10, according to data from the stock exchange website.

Defence company CSG recorded the largest increase, while engineering company Doosan Skoda Power suffered the biggest decline.

In the previous week, the Prague bourse lost 1.51 percent.

"The Prague Stock Exchange performed well over the past week. It ended all five trading sessions in positive territory and climbed back above the 2,600-point mark. However, investor activity remained below average throughout the week. The highest trading volume was recorded on Friday, at around CZK430m," said Wood & Company broker Barbora Zelena.

CSG shares were the week's best performers, gaining 10.56 percent to CZK 379.10, with most of the increase coming towards the end of the week. "Apart from acquiring a stake in Canadian space company MDA Space, no major corporate news was released. CSG thus almost erased its losses from the previous three weeks," Komercni banka analyst Bohumil Trampota told CTK.

Insurer VIG followed, rising by 6.01 percent to CZK1,675, mainly thanks to Thursday's session, ending a five-week losing streak. According to Trampota, the decisive factor was Thursday's upward revision of the company's full-year earnings outlook.

Moneta Money Bank shares gained 4.41 percent to CZK191.60, Komercni banka rose by 3.83 percent to CZK1,017 and energy company CEZ added 3.22 percent to CZK1,380. Beverage producer Kofola gained 0.59 percent to CZK510.

By contrast, Doosan Skoda Power shares fell by 2.74 percent to CZK461, followed by tobacco company Philip Morris, which lost 1.77 percent to CZK17,740. Firearms manufacturer Colt declined by 1.75 percent to CZK844, drone maker Primoco by 1.47 percent to CZK670, solar power plant builder Photon Energy by 1.19 percent to CZK6.66 and metallurgical company Gevorkyan by 0.55 percent to CZK180.

Erste Bank shares fell by 0.15 percent to CZK2,670, marking their third consecutive weekly decline.

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