Prague Stock Exchange closes strongest in more than year

Prague, Feb 28 (CTK) - The Prague Stock Exchange (BCPP) firmed for the second day in a row today amid high activity, the headline PX index adding 0.78 percent to 1,413.69 points, the strongest close since February 18, 2022, with Erste Group Bank posting the biggest rise, according to the bourse's website.

The total trading volume on the Prague market reached almost Kc1.3bn today.

Activity in the final auction was high due to the index rebalancing date, said Fio banka broker David Brzek. During the day, the PX index rose to above 1,418 points, but eventually closed slightly lower.

Austria's Erste Group Bank added 2.67 percent to Kc861.60. Erste, which owns Czech bank Ceska sporitelna, released its preliminary financial results today. It raised its operating profit by 16.3 percent to EUR4bn (Kc94.5bn) last year, especially thanks to the demand for loans and the rise in interest rates, as well as a decrease in operating expenses. The net profit attributable to the owners of the parent company increased to EUR2.16bn from EUR1.92bn the year before. Analysts say the results are better than expected.

Komercni banka and Moneta Money Bank, on the other hand, closed with a slight loss, Brzek said. Moneta Money Bank wrote off 0.59 percent to Kc84.80 and Komercni banka erased 0.2 percent to Kc749.50.

Energy group CEZ was today's most traded listing, the trading volume exceeding Kc493m. Its shares rose by 1.27 percent to Kc1,037.

Pharmacy chain Pilulka Lekarny, Austrian insurer VIG and soft drinks maker Kofola also posted gains today.

Over the month of February, the PX index added 6.32 percent, and since the beginning of the year, it has risen by 17.64 percent. The BCPP has thus placed fifth in a global ranking of the best-performing markets, Wood & Company analyst Vladimir Vavra told CTK today. CEZ has been the biggest riser since the beginning of the year, he said, while solar power plant maker Photon Energy has been the only loser.

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