Bloomberg News

Komercni Banka Climbs Most in 3 Months on EU Deal: Prague Mover

January 31, 2012

Jan. 31 (Bloomberg) -- Komercni Banka AS, the Czech unit of Societe Generale SA, rose the most in three months after most European Union countries agreed on tighter budget controls and Greece made progress on bailout talks.

The stock added 5.7 percent, the most since Nov. 3, to 3,699 koruna at the end of trading in Prague. Komercni has surged 11 percent this year, its best month since July 2009. The Czech Republic’s PX gauge of 14 companies, where Komercni has an 18 percent weighting, jumped 2.5 percent today.

European stocks gained today, headed for their best start to a year since 1998, after EU leaders in Brussels yesterday completed a treaty that speeds sanctions on high-deficit states and Greek Prime Minister Lucas Papademos said he’s “strongly committed” to reaching a debt-swap pact with bondholders.

In Prague, Austria’s Erste Group Bank AG, power utility CEZ AS, coal company New World Resources Plc and phone operator Telefonica Czech Republic AS all rose more than 2 percent.

--Editors: Peter Branton, Tim Farrand

To contact the reporter on this story: Krystof Chamonikolas in Prague at kchamonikola@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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