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Czech Stocks Gain, Head for Best Week Since May on U.S. Economy

Dec. 3 (Bloomberg) -- The main Czech equity index rose for a third day, heading for its biggest weekly advance in almost seven months as U.S. housing and retail data fueled confidence in the global recovery, boosting demand for riskier assets.

Coal company New World Resources NV and broadcaster Central European Media Enterprises Ltd. were among the biggest gainers, leading the PX gauge up 0.7 percent to 1,173.6, its highest in a month, at 11:30 a.m. in Prague. The index has risen 4.2 percent so far this week, the most since the five days ended May 14.

The MSCI Emerging Markets Index rallied toward a three-week high after reports showed yesterday pending re-sales of U.S. houses in October jumped a record 10 percent and November retail sales in the world’s largest economy exceeded estimates.

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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