The Czech market closed at its historical high led by CUE and Erste Bank. The volume traded was surprisingly good with respect to US holidays. CEZ jumped to CZK 1,137, but strong resistance was seen at the CZK 1,140 level. Telefonica O2 CR was lifted to CZK 608 and closed almost unchanged at CZK 604. Same trading pattern was on Komercni banka. The stock increased to CZK 4,160, but huge profit taking hit it back to CZK 4,124. Pegas Nonwovens dipped most on news that the main shareholder Pamplona is poised to sell its 43.4% stake. Zentiva was still under pressure, some support were seen at the CZK 1,420 level.
CSFB advised to sell Czech stock and increase Turkish exposure.