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Monday, October 3, 2022

The krone again weakened against the euro and the dollar, the stock market interrupted the uptrend

Update: 15.08.2022 17:30
Issued by:

Prague. The Czech currency weakened again against both majors on Monday. Compared to the previous close, it lost 12 cents against the euro to CZK 24.49/EUR and 23 pence against the dollar to CZK 24.02/USD. This follows from the Patria Online server data around 17:00. The Prague Stock Exchange has weakened after the previous eight days of growth.

“Central European currencies weakened today without much stimulus from macroeconomic data, having written off gains since the end of last week,” Kevin Tran Nguyen, an analyst with Komerční banka, said. According to him, the Hungarian forint lost the most, followed by the Polish zloty and the Czech crown.

In the middle of last week, the kroon strengthened after the release of current data on inflation, which accelerated to 17.5 percent for the thirteenth consecutive time in July, according to the Czech Statistical Office. However, compared to June, annual inflation was only 0.3 percentage points higher. However, in the following days, the crown began to weaken.

The PX stock index fell 0.85 percent to 1250.96 on Monday. Basically, it was reduced by the shares of the banking group Erste and the energy company ČEZ, according to data on the website of the stock exchange. The krone, which has weakened against both major world currencies today, also did not fare well.

Seven out of ten issues that affect the value of the PX index ended with a loss. Erste Bank securities lost the most, losing 2.1 percent to a total of 598 EEK per share.

To a lesser extent, the other two banks traded in Prague did not fare well either. Moneta shares fell 0.6%, while Komerční banka lost 0.31%. “Banks have weakened in line with the negative sentiment in the Western European banking sector,” said Vojtech Bogach, an analyst at Wood & Company.

Outside the banking sector, shares of the semi-state energy company ČEZ mostly lost. Their closing price of 1075 CZK was 1.38% lower than at the opening of the stock exchange in the morning.

On the contrary, Photon Energy was among the uptrends on the Prague Stock Exchange today. The shares of the company involved in the construction of solar power plants rose by 6.17% to 86 kroons. “So they are trading at the highest price since March last year,” Bogach said.

Emissions from pharmacy chain Pilulka Lékárny also improved by almost two percent. Trades closed at the rate of 1030 kroons per piece.

Czech currency exchange rate:

Previous output

Monday around 17:00

Czech Crown/Euro



Czech Koruna/US Dollar



Source: Patria Online.

exchange rates

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