The Czech market drifted down again by almost 1.3% as CEZ and Unipetrol all exceeded intraday losses by over 2% while Erste by 1.9%. Unipetrol dropped even below a 3% change, despite improved quarterly results released yesterday. We saw few retail and margin sellers in the name. Institutional accounts were not particularly active yesterday, and we expect lower than average volume, with an outlook for further weakness to persist on the market. We remind you that Czech market will be closed this Thursday, for "Fight for Freedom" Day.
Please note that the Czech market is closed on Thursday, 17 November, due to a public holiday. Trading resumes on Friday, 18 November, as normal.
Balance of Payments (September): Patria estimates CZK 0; Reuter’s poll median value: deficit CZK 2bn.