Czech market on the rolercoaster

Prague Stock Exchange saw yet another interesting day today. The market opened nicely up but failed to hold the gains. Market tumbled again into red towards the close as the US dropped on open. CEZ, Telefónica O2 (389 CZK, -1,27%) CR and Komercni banka were changing hands. CEZ broke CZK 700 resistance level for a while but then it could not resist as sellers played the main role in the last 2 hours of trading. We witnessed a huge volatility on Komercni banka – it was almost touching CZK 1,700 but closed at CZK 1,545. Telefónica O2 CR got sold off on close as well, its 4Q08 numbers were in-line but slightly weaker outlook weighed on its shares. CME (141 CZK, -2,93%) got hit after the US open, reflecting very weak 4Q08 results. Unipetrol (113 CZK, -2,95%) was also down ahead of 4Q results tomorrow before the open.