Czech market reached a new all-time high yesterday

The Czech market hit a new all-time high yesterday, led by KB and Unipetrol. Unipetrol jumped 5.7% mainly thanks to local investors highly aggressive on the buy side, even though Unipetrol reported consolidated 1H05 numbers which should not justify such a run. KB broke through the 3,300 level immediately after opening and was nicely bid during the whole day to close at CZK 3,322. Erste followed the positive trend on banks in the region by climbing 0.75%. Zentiva added 0.3% due to local demand - the current pull-back on Hungarian pharmas helped. Volumes were thin at around half of the year-to-date average volume.