Prague Stock Exchange lost ground in line with the European markets, CEZ bucks trend

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Investiční bankovnictví KB

      Prague Stock Exchange continues its slide it started yesterday. The PX-D index dropped by 0.9% to 1,206.7 points in the morning. Almost all Czech blue-chips lose ground. Komercni banka and Cesky Telecom underperform the market decreasing by 1.7% and 1.4% respectively. Only CEZ bucks the trend, driven higher by the news that the Antimonopoly Office does not stick to its previous requirement to revalue distribution companies. CEZ ticks up by 0.6%.

      

       European equity markets dropped by more 3% in the morning driven by losses of the insurance sector and drop of futures of US stock indexes. The political risk has also negative impact on the markets. Unclear situation around Iraq and North Korea, which tested a missile recently. Prudential fell heavily after rumors its plans to cut dividends due to poor results. Aviva and Axa also traded down. Credit Suisse also loses ground after announcing job cuts and dividends reduction together with bleak outlook for 2003. The market sentiment did not improved even after better-than-expected IFO index for February.

      

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