Prague bourse back above 2,500 pts, boosted by banks, CEZ

Prague, March 31 (CTK) - The Prague Stock Exchange (BCPP) rose above the 2,500-point mark today after several days, its PX index adding 1.6 percent to 2,509.95 points, boosted by shares in the banking sector and energy company CEZ, according to data from the bourse's website.

According to Wood & Company broker Barbora Zelena, the Prague bourse rebounded today from previous declines, driven by reports of a possible end to the conflict in the Middle East. "According to published reports, US President Donald Trump is willing to end the US military campaign against Iran even without the Strait of Hormuz being opened," she said. Trading volume, however, remained below the long-term average.

The most actively traded stock was Komercni banka, which also rose by 0.84 percent to CZK1,079. Erste Bank grew by 2.78 percent to CZK2,289, Moneta Money Bank gained 1.43 percent to CZK184.60, and insurer VIG firmed by 0.95 percent to CZK1,494.

CEZ shares rose by 2.65 percent to CZK1,200. Arms maker Colt CZ also saw a slight increase.

On the other hand, beverage maker Kofola fell by 0.44 percent to CZK450. Solar power plant builder Photon Energy saw a significant decline, with its shares dropping 12.16 percent to CZK6.50. Pharmaceutical chain Pilulka declined by 4.55 percent to CZK105, and drone manufacturer Primoco lost 0.56 percent to CZK885.

Only two stocks rose in Prague throughout March. One of them was CEZ, which gained 3 percent. "This is likely due to the rise in electricity prices from around EUR80/MWh to nearly EUR100/MWh. The increase in prices not only for electricity but also for other energy commodities is a result of disruptions in the extraction and export of commodities from the Middle East," said Komercni banka analyst Bohumil Trampota.

Colt rose 2.15 percent to CZK904 in March. "This is due to strong reported results and a decent outlook. Moreover, the current situation is favourable for companies in the defence sector," added Trampota.

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