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.
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