Bloomberg News

Komercni Banka, Erste Lead Czech Share Rebound From 3-Month Low

April 11, 2012

Komercni Banka AS (KOMB), the Czech unit of Societe Generale SA, and Austria’s Erste Group Bank AG (RBAG) led Czech shares in a rebound from the lowest in almost three months.

Komercni Banka climbed 2.3 percent to 3,645 koruna by 9:43 a.m. in Prague, a second day of gains. Erste added 1.1 percent to 386 koruna. The PX (PX) equity gauge, where the two lenders have a combined 36 percent weighting, rose 0.6 percent to 931.30, rising from the lowest level since Jan. 19 at yesterday’s close.

The Czech benchmark slumped 4.9 percent in the previous six sessions, its longest stretch of losses in 4 1/2 months, driving its 14-day relative strength index to 24 yesterday. Readings lower than 30 suggest to technical analysts a security or an index may rise. The RSI increased to 28 today.

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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