The PX-50 index closed down 0.80%; activity continued to be subdued with no major intraday volatility evident. Komercni banka was pushed below CZK 3,200 on the back of no news in what we believe was profit taking after the stock gained over 8% since end-October. CEZ was sold off as well but seems to be consolidating at the CZK 280 level - we are awaiting further developments related to their acquisition spree in Eastern Europe. Philip Morris benefited again from upbeat comments from its parent company and several research notes with a positive outlook for its international cigarette businesses. Cesky Telecom touched the CZK 330 level, and we expect a marginal upward move toward this level in the days to come with further development strongly related to any privatisation-related news. Volume in the SPAD reached USD 42.13m.
Milan Procházka, Patria Finance