Czech equities, as measured by the PX Index, were off by 5.8% for the week to close at 1,657.3. The overall volume of trading on the PSE reached USD 1,704.4m, 45.4% above its 12M weekly average of USD 1,172.4m.
The Czech market moved in line with negative global sentiment and got hit hard during the past week. All stocks traded in SPAD declined. The real estate developers were the worst performing stocks. ECM’s loss exceeded 18% and finished down by almost 10%. announced at the end of last week a new acquisition for its big "City" project and also provided full year guidance 2007 results. Its NAV should reach EUR 60 per share and net income should exceed that of previous years. closed the week down in-line with trading in Vienna, but it seemed as though big sellers who had been active in the market disappeared towards the end of last week's trading sessions. The most actively trading stock was CEZ, which was off by 8.7%. Some of its managers decided to excise parts of their stock option plans. There were no other major corporate informational catalysts released during the past week.
For the coming week, we expect to see the regular release of the standard macroeconomic numbers. The CEO of Komercni banka is expected to make a presentation providing an overview of the company's main activities and plans for 2008. And, the CEO of Ceska Rafinerska is also scheduled to have a meeting with journalists.