The PX-50 index added 0.74% with Unipetrol among the leading gainers again

Unipetrol broke above CZK 200, an all-time high and +103% YTD after international accounts joined local buyers and the supply of shares was almost non-existent. Cesky Telecom traded below CZK 410 after reports Vodafone may buy into the third largest mobile operator Oskar, hence increasing competition on the wireless market. Watch for details of the transaction as a valuation of Oskar would eventually price Eurotel’s value. The sale and the survival of the current Cabinet are still the main themes for the stock. CEZ was a solid performer, breaking CZK 450 intraday - the company has issued upbeat comments for the Q1 outlook given the cold weather in Jan and Feb 2005. For today we expect mixed trading with some institutional accounts locking in recent gains, though the long-term upward trend still seems to remain in place.

Q4 2004 GDP is to be released today at 9:00am CET. The market expects 4.0% y/y compared to 3.6% in Q3. Patria expects a rise of 3.9% y/y.

Q4 2004 real wage growth is also to be released at 9:00am CET. The market expects an increase of 3.8% y/y compared to 4.0% in Q3.