Rebound on Prague bourse

Trading on the Prague Stock Exchange on Friday saw a rebound only one day after the bourse, affected by the global financial crisis, closed at a three-year low. Friday’s trading saw shares strengthen at the fastest rate in fifteen years. The headline PX Index gained 11.73 percent to 1316.2 points. Shares of developers Orco and ECM, which plummeted a day earlier, recovered by more than one-tenth by noon. Meanwhile, strong activity focused around the Austrian Erste Group Bank, whose value per share rose by 15 percent to 1,009 crowns. Markets across Europe on Friday responded to the US government’s announced plans on handling the financial crisis: the Fed and the head of the Treasury are currently in negotiation with US Congressional leaders on what could become one of the biggest bailouts in US history.

Author: Jan Velinger