Prague Stock Exchange continues to improve on long-term highs

Prague Stock Exchange continues to improve on long-term highs

Prague, April 10 (CTK) - The Prague Stock Exchange (BCPP) continues to grow and improve on its almost 16-year high reached at the end of March, its headline PX index gaining 0.8 percent to 1,548.83 points today and remaining the strongest since June 23, 2008, according to data on the stock exchange's website.

"The stock exchange was pulled up today mainly by shares of CEZ, Erste and Komercni banka. The trading volume today was above average at over Kc500m. Nearly half of it was accounted for by Komercni banka shares," said Wood & Company broker Vladimir Vavra.

Semi-state energy group CEZ gained 2.02 percent to Kc858.50 today. "A certain boost for CEZ may have been the news of the approval of the law on corporate transformations without setting a 75 percent threshold for voting at the general meeting," Martin Singer of Fio banka said, referring to today's decision of the Chamber of Deputies.

The passage on reducing the shareholder voting percentage for corporate transformations could have been used by the state in the restructuring of CEZ to strengthen control, while minority shareholders would have been expropriated, according to critics. However, MPs removed the controversial passage from the amendment.

Komercni banka closed 1.47 percent stronger at Kc865.50, while Austria's Erste Group Bank gained 1.3 percent to Kc1,093. Arms maker Colt added 0.98 percent to Kc618.

On the other hand, Moneta Money Bank closed in the red, writing off 0.2 percent to Kc101.60. Austrian insurer VIG lost 0.94 percent to Kc734 and beverage maker Kofola erased 1.82 percent to Kc269. Tobacco company Philip Morris fell by 0.38 percent to Kc15,620, while securities of solar power plant maker Photon Energy (Kc45) and pharmacy chain Pilulka (Kc199) ended the day unchanged.

hel/er