The PX-50 index lost 1.71% to 459.9 yesterday as Cesky Telecom lost 4.6%, to CZK 321, after the National Property Fund said that it had not proposed a dividend decision on earnings before 2001 (see below). Unipetrol continued its rise, up 4% yesterday to CZK 42.90; demand came mostly from domestic brokerage houses speculating that Agrofert may drop out of the Unipetrol privatization tender (Agrofert won the tender though the sale hasn’t been closed). London markets open today after a two-day holiday, and the Czech market may see improved volume and investor interest as a result. We believe the market could rise slightly today, but any upside is likely to be due to sentiment abroad, not to local conditions.
(Milan Prochazka)