Shares on Prague bourse lose 4.3 pct in week 38

Shares on Prague bourse lose 4.3 pct in week 38

Prague, Sept 23 (CTK) - The Prague Stock Exchange (BCPP) went down in week 38, the headline PX index falling by 4.3 percent to 1,168.1 points, and tobacco company Philip Morris reported the biggest increase, while Austria's Erste Group Bank posted the biggest losses, the bourse said on its website.

Shares increased by 1.8 percent in week 37.

"(Week 38) saw the biggest weekly drop from the beginning of July," said Wood & Company analyst Vojtech Bohac.

Except Thursday, the index closed in the red on the other days during the week, he said.

Erste posted a drop of 8.27 percent to Kc578, wiping out most of its profits from the previous two weeks.

Komercni banka was 5.15 percent lower at Kc635.50 and Moneta Money Bank dropped by 2.25 percent to Kc74.

Energy group CEZ lost 3.7 percent over the week to close at Kc923, extending losses from the end of last week. It saw five straight falls, going up on Thursday. However, it was trading again in negative territory on Friday.

The three listings making profits in week 38 were Philip Morris, arms maker Colt CZG and soft drinks group Kofola.

Philip Morris added 1.84 percent to Kc16,620.

Colt CZG, which reported H1 business results this week, saw a rise by 1.82 percent to Kc558.

Kofola grew 0.73 percent to Kc274.

The end of September is unlikely to see significant market incentives. Investors will keep analysing the last policy meeting of the US central bank Fed and discussing the geopolitical situation, said J&T Banka analyst Milan Vanicek. Those are the risk factors for bigger purchases of risky assets. "That is why we remain cautious towards risky assets," said Vanicek.

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