The Czech Republic’s benchmark stock index slumped to an 18-month low, led by Erste Group Bank AG, after Austria’s largest lender lowered its earnings forecast and said it plans to sell shares.
Telefonica Czech Republic AS, the country’s largest phone operator, posted a 13 percent decline in second-quarter profit as clients spent less on calls.
New World Resources NV , the largest Czech supplier of coal to steelmakers, declined the most in four days after Evraz Vitkovice Steel AS canceled pig iron orders for July from NWR’s customer.
CEZ AS fell for a fourth day after the Bulgarian government said it may revoke the Czech utility’s power-distribution license in the southeast European country.
Orco Property Group SA, a developer in central Europe overhauling its debt under a court-approved plan, fell to a three-month low in Czech trading on concern a plan to exchange bonds for equity will dilute share value.
Czech energy companies are poised to incur additional costs after the government announced it will tax carbon-dioxide emissions starting next year.
Philip Morris CR AS said its unconsolidated profit fell 37 percent in 2008, without giving a reason for the decline.
Central European Media Enterprises Ltd. fell to its lowest in 33 months after saying Chief Executive Officer Adrian Sarbu sold a stake in the company.
Central European Media Enterprises Ltd. climbed for its fourth week of gains on speculation that a revamp of a benchmark index will boost demand for the stock.