The Czech market took yet another deep dive, this time more serious than on other markets. All stocks declined but volumes were still lagging. CEZ was nicely cross-traded at CZK 740, with an attempt to hammer it down to CZK 730 after a blast at a French nuke plant. The effect didn´t last long, however, the same way as when Fukushima exploded - electricity prices recovered on the back of the blast somehow . Telefónica retreated from an artificially high Friday close of CZK 397. Locals lifted the name in the afternoon almost to CZK 400 there but the rally faded away. Komercni banka touched CZK 3070 in the morning, then got back to CZK 3200. We have seen a (3200 CZK, -4,48%) broker on the buy side, so market may speculate on a share buy-back. (150,5 CZK, -6,64%) was hammered by locals down to CZK 150, with good trading at the level. The stock ended better bid.
The Czech market will open higher as EU futures indicate EU bourses to gain 2% on open. All main names will soar but the move could be short lived as Greek default worries are still haunting markets.