Czech equities, as measured by the PX Index, were up by 0.9% in the past week and closed at 1,446.7. The overall volume of trading on the PSE reached USD 805.7m, 33.7% below its 12M weekly average of USD 1,215.0m.
was star of the past week. Coal prices and also good numbers of its peers drove price up by more than 10%. Traditionally the most active stock CEZ added 3.3%. reported in-line 2Q08 results but declined in week terms by 3.3% while Komercni banka added almost 2% due to ongoing interest from foreign accounts. Also the media company published its quarterly numbers. posted results that were better on all levels, however it erased 3% during the past week. Companies from real estate sector were the worst performers. fell by more than 15% and finished week down by almost 10%.
Reporting season continues this week. reported its 2Q08 results on Monday. Net result fall behind consensus by 18%. Komercni banka will announce quarterly numbers on Wednesday (6 August), we expect net profit to reach CZK 2.95bn.
This week CNB decides about interest rates. Despite of a street consensus of flat rates we estimate 25bps rate cut to 3.5%.