The market traded with a higher than average volume that reached USD 91.13m in the SPAD system. Komercni banka was sold off throughout the day following the weakness of its regional peers. Erste Bank followed with an almost 1% drop despite posting better than forecasted Q3 figures. Cesky Telecom continues to trade in a narrow range, however we believe the stock’s trend is upwards. The market is eyeing tomorrow's Cabinet decision on the sale of its 51% stake; the removal of the potential overhang is the key issue for future growth. Philip Morris evoked more buying on Friday; its strength follows recent comments from the parent company Altria regarding its international cigarette business. Moreover, both Philip Morris and Zentiva are benefiting from outflows from banks into these two defensive stocks. Zentiva gained 2.20%.
Milan Procházka, Patria Finance