Central European Media Gains on China Optimism: Prague Mover
Central European Media Enterprises Ltd. (CETV), the broadcaster co-owned by Time Warner Inc., rose the most in a week, leading Czech stocks higher amid speculation China may announce new stimulus measures to support economic growth.
The stock climbed 2.5 percent, snapping a three-day slump, to 130 koruna in Prague, making it the best performer today in the 14-member PX equity index, which was up 1 percent. New World Resources Plc (NWR) advanced 2.3 percent and Erste Group Bank AG (EBS) gained 1.9 percent, while , Fortuna Entertainment Group NV (FORTUNA) dropped 3 percent today.
CME, as the company is known, lost 13 percent of its value in the previous three days. European stocks followed Chinese securities higher on speculation the nation may introduce further stimulus package to aid its economy after a report showed that industrial profits fell for a fifth month.
“The sentiment on the markets has turned overnight,” said Miroslav Adamkovic, an analyst at Komercni Banka AS (KOMB) in Prague.
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