The Czech market rebounded slightly as recent underperformers (445,2 CZK, 5,72%), (136 CZK, 8,37%) and (123,5 CZK, 1,31%) jumped while defensive names declined. Volumes were still well below average. CEZ closed below the CZK 700 line for the second day in a row, as international sellers abandoned the line toward the close and hit it down to CZK 690, which was quite strange given the fact that electricity prices gained along with oil and west European utilities finished up 6%. Komercni banka opened up 3% at CZK 3400 copying EU banking sector but closed at the day´s low of CZK 3265, as investors put money into more hammered banking stocks. Plus Italy´s downgrade by (30,3 USD, -0,92%) where the bank holds CZK 8bn in government bonds also took its toll. Telefónica traded still in the range of CZK 385-390 with no real activity. The stock is more offered above CZK 390. gained as commodities soared but foreign sellers put a cap on it around CZK 126.
The Czech market should gain on open. Energy names , CEZ should be positively affected by rising commodity prices. Banks will gain as well to copy the good performance of the US banking index.