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. Last Updated: 07/27/2016

Former Satellites Shrug Off Russian Unrest

PRAGUE, Czech Republic -- Larger emerging European bourses closed the week stronger as European markets undulated and then rallied late Friday after a better U.S. inflation outlook boosted Wall Street.

Traders said top stocks this week in the former East Bloc were taking their cues from markets in the West and shook off another sacking of a prime minister by President Boris Yeltsin on Monday.


Trading thinned this week after a strong summer built on expectations of the full privatization of several major titles gave way to profit taking a week ago.

A slightly stronger close Friday could not pull the Reuters-HN-Wood index of the 10 most liquid stocks into positive territory for the week, and it closed down nearly 2 percent.


Hungarian stocks remained mostly flat over the week but rallied late Friday after the New York open, ignoring a worse-than-expected inflation figure and a set of poor but unsurprising first-half results.

The BUX index gained half a percent this week thanks to a 1 percent gain Friday.

Events in Russia had little impact on Hungarian markets as investors were more concerned with the threat of a rate hike in the United States, which would have a large impact on market sentiment and investment flows worldwide.


Polish shares recovered slightly Friday, but for the week the WIG index was down 1.4 percent from last Friday's close.

A promising recovery from a four-session fall came Thursday, built on fading expectations of a hike in U.S. interest rates, but analysts said there was little to attract investors.


Slovenia's SBI share index gained more than 2.5 percent this week as investors started returning from holidays and traders said prices would continue rising gradually over the next couple of months.


The Croatian market was hit by the summer lull more than the political jitters in Russia this week, and traders complained of poor supply preventing what few deals might be struck on moderate investor demand for blue chip stocks.

The official Crobex index still added 1 percent on the week, moving away from this year's bottom levels thanks to a slight recovery of big cap Pliva and Zagrebacka Banka on Friday, but volume remained thin.


The Bucharest stock exchange climbed gradually throughout the week to touch consecutive year highs Thursday and Friday. A few top tier listings posted gains although volumes stayed relatively thin amid the summer torpor.

Brokers said gains of aluminum smelter Alro helped the advance.


Slovak stock trading remained thin and dull in the highly illiquid market, with only very low volumes of shares traded.

Even half-year results of some of the biggest firms, released the week before, left prices of blue chips unmoved.