Czech shares edge stronger despite Wednesday afternoon slump

22. Juni 2006, 00:00

Czech shares almost stopped an upswing lasting more than a week on Wednesday as prices tumbled in the afternoon, but a...

Czech shares almost stopped an upswing lasting more than a week on Wednesday as prices tumbled in the afternoon, but a last-minute buying wave saved the day, the Prague Stock Exchange said.

The PX index ended the session 0.05 per cent stronger on the day at 1,315 points. The growth was aided by a favourable opening in the USA.

"We can see how our market sets its eyes on the overseas market amid a minimum of company news," said Ondrej Svoboda, a broker at Cyrrus.

Until recently, nervous investors on US exchanges pulled down stock indices throughout the world.

Drug maker Zentiva was the top gainer for a second time in a row, putting on 1,93 per cent to CZK 1,005 (EUR 35.23). Austrias Erste Bank  rose 1 per cent to CZK 1,215 (EUR 42.59) in paltry trade.

Property developer Orco edged 0.41 per cent stronger to CZK 2,219 (EUR 77.79) after it announced a new investment project.

On the downside, Czech bank Komercni banka shed 1.67 per cent to CZK 3,242 (EUR 113.65) after four days on the rise. The top-selling state-run power producer CEZ slid 0.04 per cent to CZK 668.8 (EUR 23.45).

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