CEE Stock Market Report for November 30 – December 11

By: The Quinnipiac University Economics Research Team, Jack French

Source: Own calculations based on data collected from each index. This graph shows the performance of each index with the reference date of February 17th.

All countries except for Slovakia have their markets at or near three-month highs. The US market remains the only one above where it was in February before the pandemic hit stocks across the globe. However, the remaining indices are all within twelve percent of their pre-pandemic levels. This is the first time they’ve all been that high since late February. The grouping of the CEE indices is also the tightest it’s been for quite some time. The gap between the lowest performer, the Czech PX, and the highest, the Slovakian SAX, is now just under ten percent. The difference between first and worst performers was over thirty percent in September.

Stock markets continue to push higher as they have now done almost every week since the beginning of November. The Hungarian BUX has had one of the biggest surges of all over the past month and a half and is up 28% in November and December thus far. The WIG 20 has gained 29%, while the PX is up 15%, and the BET is up 11%. The SAX has fallen 2% during this rally. For comparison, the UK FTSE has gained 17% and the US S&P is up about 12% over this same period. This is the strongest rally for CEE indices so far this year.

Source: Own calculations based on data collected from each index.

Although a few markets initially opened lower, the positive trend continued for CEE stocks over the last two weeks. The Polish WIG 20 had another strong gain of over five percent. The Czech PX fell to the bottom of the pack but was still slightly positive. The Hungarian BUX gained about five percent, and the Romanian BET and Slovakian SAX both rose between two and a half and three percent. The US FTSE gained just under three percent, and the S&P rose only about half a percent.

Source: Own calculations based on data collected from each index. The first graph shows the previous week’s performance. The remaining graphs show the three-month performance of each of the indices.


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