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Czech Stocks Reverse Loss as Erste Group Gains on Capital Buffer

July 11 (Bloomberg) -- Czech stocks reversed earlier losses as Erste Group Bank AG of Austria increased after the regulators said the company exceeded capital reserve targets.

The 14-company PX gauge rose 0.3 percent to 906.90 today by the end of trading in Prague, after earlier sliding as much as 0.7 percent. Erste, which has a 20 percent weighting in the index, climbed 1 percent, reversing an earlier 2.2 percent loss.

Financial stocks gained in Europe after the European Banking Authority said today that the region’s banks increased their capital reserves by $116 billion in the first half of 2012 in a push to limit contagion from the euro area’s sovereign crisis. Erste exceeded the capital targets, according to the Austrian Central Bank and Financial Markets Authority.

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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