The PX-50 index closed down 0.18% yesterday

The PX-50 index closed down 0.18%, with the Czech market closing in the red following neighbouring markets toward the close of the day. Komercni and CEZ in particular were hit. The market continues to trade in all-time high territory and apparently some of the accounts are locking in some of the recent gains. Cesky Telecom is trading down toward the CZK 456 tender bid level as some investors prefer to raise cash rather than lock into the position and wait till mid-September for settlement. In CEZ we feel the stock may be poised for further growth should yesterday’s auction of almost 2% of the company’s 2006 annual capacity have been sold above expectations. Zentiva is suffering after its recent earnings release and we think it still has room to weaken. Erste bank was well bid in Vienna after its results and a series of upbeat research notes.