Afternoon profit taking was initiated by London accounts who once again sold off long positions in Eastern Europe. This time we believe the uncertain political situation in Poland (current Coalition talks) was the catalyst. Komercni banka however continues to be well bid and sustained positive territory. CEZ, CME, ORCO, Philip Morris and Unipetrol however all closed in the red. Today Cesky Telecom will report its 9M results - we believe investors will primarily focus on any guidance relating to cash distribution and the potential M&A strategy. We see the rest of the market trading down. Prague will be closed tomorrow for "Independence Day".
Please note that the Czech market is closed on Friday 28 due to a public holiday. Trading resumes on Monday, October 31 as normal.