Prague Stock Exchange returns to decline

Prague, March 11 (CTK) - The Prague Stock Exchange (BCPP) returned to a decline today, its PX index falling by 0.51 percent to 2,589.84 points after a 2 percent rise on Tuesday, and the drop was driven mainly by banking shares, according to the bourse's website.

"After yesterday's upward correction, Western European stock markets reversed direction and are weakening today. The reason is concerns over escalating tensions in the Middle East, as Iran tries to block the Strait of Hormuz. This again pushes up oil and other energy prices, increasing nervousness in financial markets. The Prague Stock Exchange also lost ground," said Fio banka broker Pavel Hadrousek.

The banking sector struggled in particular. Erste Bank wrote off 1.6 percent to CZK2,336, Moneta Money Bank dropped 1.37 percent to CZK187.40, and Komercni banka lost 1.05 percent to CZK1,129. Insurer VIG also ended the day 0.13 percent lower at CZK1,570.

Energy group CEZ gained 0.94 percent to CZK1,187 ahead of Thursday's release of last year's financial results.

Among smaller listings, shares of drone manufacturer Primoco UAV decreased by 5.94 percent to CZK950, metallurgical firm Gevorkyan weakened by 0.85 percent to CZK232, and solar power plant builder Photon Energy dropped 0.25 percent to CZK7.98. Arms maker Colt CZ gained 1.7 percent to CZK895, while tobacco company Philip Morris added 1.02 percent to CZK19,800. Engineering firm Doosan Skoda Power rose by 0.75 percent to CZK402, and beverage maker Kofola increased by 0.42 percent to CZK477.

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