Prague bourse erases part of Wednesday gains

Prague, April 2 (CTK) - The Prague Stock Exchange (BCPP) erased some of Wednesday's gains ahead of the long Easter weekend today, falling after two consecutive days of gains, as the PX index fell by 0.68 percent today to 2,535.64 points at the close, according to data from the bourse's website.

The decline in bank stocks outweighed gains in shares of energy company CEZ and arms manufacturer Colt CZ.

"Optimism regarding a de-escalation of the situation in the Middle East quickly faded after the US president (Donald Trump) threatened Iran with severe attacks in the coming weeks. Financial markets reacted immediately to these threats, and stocks began to fall again," said Fio banka broker Pavel Hadrousek.

According to him, investors are also remaining cautious ahead of the Easter holidays and are taking profits on short-term gains following the rise in previous days.

Among bank stocks, Erste Bank fell by 2.58 percent to CZK2,268, Komercni banka dropped by 1.08 percent to CZK1,095, and Moneta Money Bank declined by 0.47 percent to CZK188.60. Shares of insurance company VIG slid by 1.50 percent to CZK1,507.

In contrast, CEZ shares rose by 1.01 percent to CZK1,201.

Defence industry stocks also gained ground. Colt CZ rose by 1.83 percent to CZK945, and CSG grew by 0.13 percent to CZK612.80.

tam/er

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