Prague Stock Exchange sees PX index drop 4.4% as CSG IPO spikes then slides

The Prague Stock Exchange’s PX index fell 4.4% between January and June 2024, closing the half‑year at 2,567.5 points. Over the same period the index’s overall level declined 48.2%, reaching 315.10 CZK on June 26, its lowest since November 2023.

Doosan Škoda Power led gains, rising 25.6% to 523 CZK, followed by Colt (+23.6% to 916 CZK) and Erste (+14.5%). Photon Energy recorded the steepest loss, down 33.4% to 7.10 CZK, with Primoco (‑27.8%) and Gevorkyan (‑21.1%) also slipping. June saw a modest 0.79% uptick in the PX index; Doosan Škoda Power added another 19.3% that month, while Photon Energy fell a further 26.0%.

A key event was the Czechoslovak Group (CSG) weapons‑maker IPO on 23 January, listed on the Amsterdam main market and Prague’s Free Market. Shares jumped more than 30% on debut, raising over 90 billion CZK – the largest equity issue for a defence firm in the Czech Republic. In early May, shares fell sharply after analyst Hunterbrook questioned CSG’s business model, and a subsequent correction pushed the price to a new low of 299 CZK on 26 June.

Earlier optimism had driven the PX above 2,700 points in early January and past 2,800 in early February, but a correction in February, linked to U.S. and Israeli strikes on Iran, dampened momentum. A brief rally in late March was followed by a decline in May before the June recovery.