The Czech market closed flat yesterday on lacklustre volumes and limited investor activity. Only CEZ printed, in descending volume, on ongoing international demand. CME continues to benefit from MSCI inclusion and the strong performance of its Polish peer TVN. Telecom stocks suffered after London broker came with a European sector report and trimmed all estimates. Erste trades as the deadline for the announcement of the BCR winner nears; the market is factoring in Erste’s victory and consecutive USD 3bn SPO. We continue to lack a domestic catalyst, and the market will continue to trade in line with sentiment on the neighbouring markets.
Foreign Trade (October): Patria estimates CZK 0.0bn; Reuter’s Poll median value CZK 2.0bn surplus.