The Czech market bounced into positive territory yesterday in what we believe is an ongoing technical correction of the near term decline. However, some of the names posted sharp gains on the day. CEZ gained 3.3%, with Komercni and Zentiva up over 2%. The only laggard of the day was Philip Morris CR which lost 1.8% on an ongoing supply of shares. Komercni and Philip Morris in particular saw few, cautious, buyers. The rest of the market traded higher in sympathy with sentiment. In the next few days, the market will be positioning ahead of the Q3 earnings reports - first in line is Cesky Telecom, which will report this Thursday, October 27th.
Please note that the Czech market is closed on Friday 28 due to a public holiday. Trading resumes on Monday, October 31 as normal.