The volume of trading on the PSE picked up Friday after the release of the US macrodata and ended up sliding deeper into red territory. Activity was very slow during the day except for the last two hours, which showed some activity. None of the blue chips closed stronger. Domestic investors supported Komercni Banka, which finished almost flat. CEZ closed just above its day's low at CZK 1,151. was one of biggest losers due to selling by international accounts. also sank deeply following the pattern set by its US listed shares. O2 CR was well supported at CZK 510 and remained a very defensive listing on the Czech market.
At the start of the week, the Czech market will open lower again due to the worsening mood over the US economy. Asian markets have also dropped. will report 4Q07 numbers today at noon, so its shares may be in focus afterwards. All stocks should be affected negatively. The banks should fall the most as warned about USD 360bn in additional write-downs at US banks due to mortgage margin calls. 02 CR and CEZ should outperform the rest of the market due to their defensive character.