Prague bourse falls in Q1, PX losing 6.5 pct

Prague, March 31 (CTK) - Stocks on the Prague Stock Exchange (BCPP) declined Q1, the PX index falling by 6.5 percent to 2,510 points, with arms maker Colt seeing the biggest gains this year, while soler power plant builder Photon Energy suffered the biggest losses, Wood & Company broker Barbora Zelena told CTK today.

Over the course of last year, the BCPP rose by 52.6 percent.

"The stock market started the year on an optimistic note, continuing the trend from last year, which was marked by record-breaking gains. Even in January and early February, the Prague market continued to set new highs. On the very first trading day of this year, the stock market surpassed the 2,700-point mark. It last set a new record by crossing the 2,800-point threshold on February 4. However, a fairly significant correction followed in the second week of February," Zelena noted.

The correction was exacerbated at the end of February by the launch of strikes against Iran by the USA and Israel. Since then, global stock markets have come under pressure due to rising oil prices and investor concerns about disruptions to supply chains. The Prague Stock Exchange thus fell below the 2,500-point mark, most recently on March 30. On the last day of March, the Prague market saw a rebound driven by reports of a possible end to the conflict, Zelena said.

Colt shares were the top performers in the first quarter, rising by 22 percent to CZK904 apiece. They were followed by tobacco comapny Philip Morris shares, which rose by 1.73 percent to CZK18,840. Other stocks declined.

Photon Energy shares suffered the biggest loss, falling by 39.02 percent to CZK6.50 apiece.

Metallurgical company Gevorkyan fell by 22.54 percent to CZK189 per share, and Primoco lost 19.55 percent to CZK885.

Insurer VIG shares followed at a distance, sliding by 8.23 percent to CZK1,494. Erste Bank shares fell by 7.52 percent to CZK2,289, energy group CEZ erased 7.34 percent to CZK1,200, Komercni banka shed 7.14 percent to CZK1,079, and beverage maker Kofola dropped 6.93 percent to CZK450.

Engineering company Doosan Skoda Power fell by 6.72 percent to CZK388.50, and Moneta Money Bank erased 4.55 percent to CZK184.60.

In March alone, the stock market weakened by 5.35 percent. CEZ shares rose by 3 percent and Colt added 2.15 percent in March, while Photon Energy shares posted the biggest losses, falling by 20.73 percent.

The biggest news so far this year was the listing of the Czechoslovak Group (CSG) on the main market of the Amsterdam Stock Exchange and on the unregulated Free Market of the Prague Stock Exchange on January 23. On the first day of trading, the company's shares rose by more than 30 percent on both markets. The company raised more than CZK90bn through the sale of shares, making it the largest-ever initial public offering by an arms manufacturer.

By the end of March, however, CSG shares on the BCPP's Market fell by 5.59 percent to CZK574. The reason is a cooling of interest in shares of European defence companies and media reports about possible scandals surrounding the company'ss share offering, Zelena noted.

tam/er

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