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CEE MARKETS-Stock markets buoyed by Macron's win, sentiment positive across region
June 19, 2017 / 9:10 AM / 2 months ago

CEE MARKETS-Stock markets buoyed by Macron's win, sentiment positive across region

    By Krisztina  Than
    BUDAPEST, June 19 (Reuters) - Central European stock markets
rose on Monday following a convincing parliamentary majority for
President Emmanuel Macron in France which helped boost investor
sentiment across Europe.
    Czech stocks gained around 1 percent putting the PX index
  just above the psychological level of 1,000 points.  
    Komercni Banka shares led the rise, gaining 1.9
percent, and rebounding after hitting their lowest since
February last week after the central bank put higher capital
requirements on banks.
    Hungarian stocks also jumped 1 percent, with OTP
shares gaining 1.3 percent by 0838 GMT and oil and gas
group MOL shares also rising as much as 1.6 percent.
    "These gains in stocks are partly due to Macron's win
...sentiment is positive as Asian stock markets also look good,"
Zoltan Varga, an analyst at brokerage Equilor said.
    He said shares of drug firm Richter also had room
to rise further towards 7,600 forints per share from 7,241
forints on Monday, after it rose to historic highs last week.
    Central European bourses have soared to new highs this year
helped by a strong performance of the region's economies, and
good prospects for this year and next.
    Riding the positive sentiment, Hungarian road transport firm
Waberer's International launched an initial public offering
(IPO) in Budapest on Monday, in which it plans to raise about 45
million euros in capital to help finance its purchase of Polish
peer Link.
    Polish stocks also gained 1.1 percent in early trade.
    Meanwhile, currencies across the region were little changed.
    The Serbian dinar, which hit 17-month highs against the euro
last week, gained a further 0.15 percent on Monday.
    The dinar is mainly helped by fiscal reforms and to some
extent also the nomination of a new prime minister Ana Brnabic,
who is seen as business-friendly.
    A dealer with a Belgrade-based bank said the dinar "was
bolstered by seasonal demand, lending in dinars, more euros from
Serbs working abroad and because overall good state fiscal
performance." 
    The fundamental support to the dinar is the fiscal reforms
which secured a budget surplus worth 1.2 percent of GDP in the
first quarter of 2017 instead of a deficit agreed with the
International Monetary Fund. 
               CEE MARKETS  SNAPSH   AT  1019 CET         
                            OT                      
                            CURRENCIES                    
                            Latest  Previo  Daily   Change
                                    us              
                            bid     close   change  in
                                                    2017
 Czech crown                26.225  26.192  -0.12%   2.98%
                                 0       5          
 Hungary                    307.80  307.77  -0.01%   0.33%
 forint                         00      50          
 Polish zloty               4.2145  4.2092  -0.13%   4.49%
 Romanian leu               4.5825  4.5836   +0.02  -1.04%
                                                 %  
 Croatian                   7.3970  7.3977   +0.01   2.14%
 kuna                                            %  
 Serbian                    121.82  122.00   +0.15   1.26%
 dinar                          00      00       %  
 Note: daily   calculated   previo  close   1800          
 change        from         us      at      CET     
                            STOCKS                        
                            Latest  Previo  Daily   Change
                                    us              
                                    close   change  in
                                                    2017
 Prague                     1000.2  990.77   +0.95   +8.53
                                 2               %       %
 Budapest                   35870.  35512.   +1.01   +12.0
                                68      47       %      9%
 Warsaw                     2327.1  2304.5   +0.98   +19.4
                                 1       0       %      7%
 Bucharest                  8469.6  8467.6   +0.02   +19.5
                                 3       7       %      4%
 Ljubljana                  782.74  784.23  -0.19%   +9.08
                                                         %
 Zagreb                     1855.9  1857.8  -0.11%  -6.96%
                                 1       7          
 Belgrade                   707.18  710.41  -0.45%  -1.42%
 Sofia                      685.68  685.12   +0.08   +16.9
                                                 %      2%
                            BONDS                         
                            Yield   Yield   Spread  Daily
                            (bid)   change  vs      change
                                            Bund    in
 Czech                                              spread
 Republic                                           
   2-year                    0.024   0.063   +068b   +4bps
                                                ps  
   5-year                    -0.02   0.018   +038b   +1bps
                                                ps  
   10-year                   0.946   0.051   +066b   +5bps
                                                ps  
 Poland                                                   
   2-year                    1.934  -0.007   +259b   -3bps
                                                ps  
   5-year                    2.573  -0.045   +297b   -5bps
                                                ps  
   10-year                   3.157  -0.013   +287b   -2bps
                                                ps  
               FORWARD      RATE    AGREEMENT             
                            3x6     6x9     9x12    3M
                                                    interb
                                                    ank
 Czech Rep             <PR    0.34    0.42    0.51       0
               IBOR=>                               
 Hungary               <BU    0.19    0.22    0.28    0.15
               BOR=>                                
 Poland                <WI    1.75   1.765   1.792    1.73
               BOR=>                                
 Note: FRA     are for ask                                
 quotes        prices                               
 *********************************************************
 *****
 

 (Additional reporting by Jason Hovet in Prague and Aleksandar
Vasovic in Belgrade; Editing by)
  
 
 

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