Czech equities, as measured by the PX Index, were off by 5.8% for the week to close at 1,561.7. The overall volume of trading on the PSE reached USD 1,718.5m, 47.1% above its 12M weekly average of USD 1,168.6m.
CEZ the most actively traded stock, coming in with one of the week's best performances, yet losing 2.7%. The news that the government will not sell its entire planned 7% stake in CEZ was denied by the Ministry of Finance. Some brokers have raised their target prices for CEZ. declined by almost 9% after its CEO's comment about “terrible” 4Q07 results, impacted mainly by the second part of its modernization program. was one of only two listings finishing the week on the upside. Our analyst upgraded our recommendation on the stock to a “Buy” from a “Hold” with a target price of CZK 9,040 per share. The second company closing stronger was with a gain of 1% for the week. The negative sentiment continues in the banking sector. Komercni banka fell the most during the past week and erased 13.5% of its market value. Also, the situation in the real estate sector hasn't improved as both developers listed on the PSE, and , lost more than 7%.
There are no major corporate catalysts expected for the coming week. In terms of macroeconomic data, November’s Retail Sales will be announced on Tuesday.