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The PSE Declined Last Week - Real Estate Developers and Banks the Main Losers

The PSE Declined Last Week - Real Estate Developers and Banks the Main Losers

26.11.2007 15:23

Czech equities, as measured by the PX Index, were off by 1.4 % for the week ending November 25th, to close at 1,767.9. The overall volume of trading on the PSE reached USD 1,238.2m, 13.2 % above its 12M weekly average of USD 1,094.2m.

Only two listings from SPAD managed to close stronger in the past week. CEZ gained a nice 4.2% on the back of its continuing share-buy-back program, while the offer side remained weak. Telefonica O2 CR also strengthened by 2.4% - being viewed by investors as a defensive stock. The real estate developers, Orco and ECM, were impacted by the negative sentiment towards the sector and recorded the week's biggest losses. One of the worst performances came from Erste Bank which was down 8.3%. During the past week, Merrill Lynch downgraded its recommendation for Erste to Neutral from Buy with a target price of EUR 56. Zentiva declined last week by almost 3%; Patria/KBC lowered its target price for the stock to CZK 952 from CZK 1,354, with the rating of Hold on the shares remaining unchanged.

This week, a number of blue chips report their 3Q07 results. ECM should announce results on Wednesday, November 28. Orco, AAA Auto and Pegas Nonwovens will be announcing on Thursday, November 29. CNB should also decide about its monetary policy stance this week. We expect that the base interest rate may be by hiked by 25bps.


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