Czech equities, as measured by the PX Index, were off by 1.2% for the week, to close at 1,876.1. The overall volume of trading on the PSE reached USD 849.3m, 16.1% below its 12M weekly average of USD 1,012.5m.
The most actively traded listing, CEZ, lost 1.3% for the week, despite being upgraded by several analysts. Komercni banka looked like it was in a free-fall and it was off by 5.3% as foreign sellers were active. declined and didn't show any reaction to the initiation of coverage by with a target price of EUR 141. finished the week 2% down with foreign accounts having been on the sell side. After an upgrade from with a target price of CZK 770 per share, O2 CR was one of few stocks that strengthened last week. also moved up after the reporting of the better results of its parent company , despite the fact that there were lower shipments to the Czech Republic in 3Q07. The best performing stock was , which closed the week up almost 5% - the media company traded in line with its US listed shares. also held an investors day at which it slightly increased its projections.
The 3Q07 reporting season starts this week. The first company to make its announcement, O2 CR, does so on Thursday, October 25. The Czech National Bank will also decide on interest rate on Thursday. We don't expect to see any change of the main interest rate, which is at 3.25%.