Czech market was moving downwards, copying developments on the neighbouring markets. Index PX50 put-off 0.8% thanks to steep weakness of Erste, which declined 2.6% to 1294 CZK. Cesky telecom was also under selling pressure (-1.3%) as investors were taking home profits. However, Zentiva shined, adding 0.8% on market talk that it will gain weighting in the MSCI index. CEZ touched 700 CZK, but was being sold-off toward the close to levels of 694 CZK. We would expect bullish sentiment to come to the Czech market again; CEZ and Zentiva will be in the spotlight; Erste could recover from Friday's fall.
October industrial output will be released today, December 12 at 9:00 CET. Patrtia estimates growth of 5.0% y/y, which is below the market consensus of 7.2% y/y.