ČEZ shares continue sharp decline, dragging the entire Prague Stock Exchange lower this morning

Shares in energy company ČEZ continued their sharp decline on the Prague Stock Exchange this morning. Shortly after 11:00, they were down more than five percent, and their price fell below 1,000 crowns for the first time in two months. They are dragging the entire market lower: less than an hour before noon, the PX index was 0.73 percent below Thursday’s close at 1306.65 points. This follows information published on the Prague Stock Exchange website. Analysts say the decline in ČEZ shares is a reaction to a government-backed draft law that paves the way for splitting the partly state-owned company into a fully state-owned part and a private part.

On Thursday, ČEZ shares fell eight percent to 1041 crowns, bringing their losses over the past week to more than 15 percent. In today’s trading, they have so far fallen 5.14 percent to 987.50 crowns. They last traded below 1,000 crowns in March.