Bloomberg News

Erste Group Leads Czech Shares Lower From Highest in Two Months

July 09, 2012

Erste Group Bank AG (RBAG) led Czech shares down from their highest in two months as the Prague Stock Exchange reopened after two public holidays.

The Austrian bank tumbled 5.9 percent, the most in five months, to 376.50 koruna by 9:41 a.m. in Prague. The PX (PX) index, in which Erste has a 20 percent weighting, dropped 1.6 percent.

European and emerging-market shares fell after Chinese Premier Wen Jiabao said the nation’s economy faces “relatively large” downward pressure and U.S. jobs data missed estimates. The Stoxx Europe 600 Index (SXXP) slid 1.1 percent on July 5 and July 6 when the Czech equity market was closed. Erste tumbled 7.1 percent in Vienna, its home market, in the period.

“The Prague bourse has opened down, catching up with moves on regional indexes on Thursday and Friday,” Martin Krajhanzl, an analyst at Ceska Sporitelna AS in Prague, wrote in an e-mail to clients 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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