Index PX-50 closed flat on Friday as market lacked any substantial news or capital flows

Trading in Cesky telecom comes back to normal levels, though we continue to see increased buying interest among local accounts. Erste bank shrugged off almost 1% following weakness on the VIenna stock exchange. Outlook for next few days remains similar to last week; we are likely to see newflows on interest and/or no-interest speculations for Cesky telecom control. This week, the Czech Cabinet should draw a schedule and program for the privatisation, though outcome is likely to have negligible impact on the stock price. The rest of the market is likely to trade in narrow range. Volume in SPAD reached USD 54.51 mil.

Foreign trade for October is to be released at 9:00am CET. Patria estimates a deficit of CZK 3.0bn, in line with market expectations. The previous figure was a surplus of CZK 3.18bn. The balance of payments for Q304 is to be released at 10:00am CET. Patria estimates a current account deficit of CZK 56.5bn (USD 2.19bn) and a financial account deficit of CZK 67.2bn (USD 2.6bn).

Milan Procházka, Patria Finance