Domestic shares move up, ignores losses abroad

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Investiční bankovnictví KB

      Domestic shares started new week higher, despite the losses abroad. Optimistic expectations on quick war with Iraq fade away after the US troops’ setback. Nevertheless, investors remained interested in domestic telecommunications issues and Erste Bank. The PX-D index improved by 0.5% to 1,231.2 points in the morning. Cesky Telecom added 0.8% further above CZK 300 it broken on Friday. Erste Bank moved up by 1.2% in the morning. CEZ slightly corrected.

      

       European shares correct their gains from the last week. Positive sentiment is gone after weekend news from Iraq and investors’ began taking profits. The sentiment was further supported by new that Iraq shot two helicopters. European equity markets dropped by more than 3% in the morning. Insurance companies fell in the mornings, with results of Munich Re and Swiss Re in light later this week. France Telecom bucked the trend, which announced details of long awaited EUR 15bn capital increase.

      

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