Domestic shares slightly down, still outperforming foreign markets

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Investiční bankovnictví KB

      Trading with shares is again driven by events in Iraq. Weekend events have again pushed the markets down. Especially negatively are viewed the reports that US troops dug in Southern Iraq, which fueled speculations on prolonged war with Iraq. Market activity is close to non-existent, investors are waiting for new information from Iraq.

      

       Domestic shares have again showed some resistance against the developments on foreign markets. The PX-D index lost 0.4% to 1,234.4 points competed to more than 3% drops abroad. The market is driven lower by Komercni banka, which fell by 0.9%. Erste Bank and CEZ are also slightly down. Philip Morris CR bucks the trend gaining 1% to CZK 12,000.

      

       European shares continue driving lower. Drops of shares of insurers and airlines drags the foreign markets lower. Munich Re trades down due to rumors the company would need fresh financing to strengthen its balance sheet. British Airways and Air France lost ground amid speculation that lower demand would negatively influence their results. Technology sector is driven lower by chip-makers following industry data showing February chip sales down by 3.3% m/m. Infineon, ASML and Philips Electrocnis moved down.

      

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