Bloomberg News

Komercni Banka Snaps Two-Day Rally as German Unemployment Rises

June 28, 2012

Komercni Banka AS, the Czech unit of Societe Generale SA, snapped two days of gains as German data showed unemployment in Europe’s largest economy increased, damping prospects for the continent’s economic recovery.

The stock dropped 0.8 percent to 3,450 koruna by 3:52 p.m. in Prague, after a 2.9 percent rally in the previous two days. The 14-member PX equity index, in which Komercni Banka has an 18 percent weighting, declined 0.9 percent.

Lenders led European shares lower after the Nuremberg-based Federal Labor Agency said unemployment in Germany, the biggest buyer of Czech exports, rose more than expected in June. European leaders are meeting today in an effort to contain the financial crisis.

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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