The PX-50 index managed to sustain its levels from previous record sessions. Cesky Telecom continued to be well bid during the morning session and even managed to touch the CZK 400 resistance level at a certain point. However, both London and domestic sellers supplied stock in descent sizes at this price. We feel we will be testing CZK 400 a few more times before breaking through that level, but also think Cesky Telecom will consolidate and get upward momentum once there (and we may not be too far from that moment). Unipetrol is being lifted by domestic retail names and is currently trading above the price paid by PKN Orlen for the 63% as investors believe PKN may eventually initiate thorough restructuring once all the regulatory approvals allow it to take full control of the petrochemical holding. Komercni was better offered at and above the CZK 3,400 level - we feel that the number of sellers exceeds the buying interest there.
Foreign trade in November reached a surplus of CZK 5.21bn, while the market expected a deficit of CZK 6.0bn.