Erste, Komercni Lead Czech Shares Lower After Cheuvreux Report

Czech stocks dropped for a fourth day, led by Erste Group Bank AG (EBS) and Komercni Banka (KOMB) AS, after CA Cheuvreux downgraded European banks to “underweight” from “neutral.”

The PX (PX) gauge declined 1.1 percent to 884.9 by 3:53 p.m. in Prague, after a 4.3 percent drop in the previous three sessions. Austria’s Erste, with a 17 percent weighting in the index, slid 6 percent to 314 koruna, extending last week’s 3.3 percent loss.

Komercni Banka, the Czech unit of Societe Generale SA, dropped 2.7 percent to 3,155 koruna. CEZ AS (CEZ), the country’s biggest power producer, gained 2.5 percent to 788.5 koruna.

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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