Komercni Banka Tumbles on PKO, Bank Zachodni Sales: Prague Mover
The stock tumbled 4 percent to 3,745 koruna by the close in Prague, its one-day drop since April 17 and the lowest price since Nov. 13. Share turnover was more than three times the daily average over the past three months, and Komercni Banka was the worst performer in the PX (PX) index today.
The only listed Czech bank is competing for shareholders after Poland sold a 12 percent stake in state-run PKO on Jan. 23 for the equivalent of $1.7 billion. KBC Groep NV (KBC) picked managers for a secondary offering of a 16 percent stake in Bank Zachodni, Dziennik Gazeta Prawna reported on Jan. 17.
“Demand for Komercni Banka has fallen after Poland flooded the market with PKO shares,” Michal Konarski, an analyst at Wood & Co., said by phone from Warsaw today. “Some investors may be also freeing up cash for the offering of Bank Zachodni.”
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