The PX-50 Index sustained levels above 900 points on Monday, despite European bourses falling deeply into red as high oil prices raise doubts over growth prospects of the worlds economy. Czech market though once again confirmed its little correlation to the global sentiment and added 0.24% on the day. Cesky Telecom was bid in size by a few foreign accounts ahead of any potential announcement on Cesky Telecom’s privatisation. Even though we do not expect any imminent statement in days to come, we may see more details in mid-November. We also believe more and more people realise that placement is well priced in at current market levels and that the second option, sale to the strategic investor, would likely trigger sharp upward move on low liquidity. Today, we are kicking off with quarterly results with Unipetrol and Erste Bank’s Ceska sporitelna on the agenda. Volume in SPAD reached USD 42 mil.
Milan Procházka, Patria Finance