The PX-50 index gained 0.67% and is holding at above 900 points. Even though not among the day’s most active stocks, Unipetrol turned out to be the day's best performer, adding 1.8% with more than 850k shares changing hands. We believe the gains are attributable to the general expectations for strong Q3 figures as well as the deadline for the European Commission to clear PKN for Unipetrol’s takeover nears. We also feel a gradual shift in thinking among locals who now purchase Unipetrol not only with idea of selling shares later to buy back but increasingly believe in the broad restructuring of Unipetrol after PKN steps in. Cesky Telecom continues to trade in a narrow range, waiting for news related to the sale of the 51% stake. Despite a strong US close, which may indicate a positive opening here, we think the Czech market will be trading down, catching up as more funds have seen redemptions recently. Our peer markets, Hungary and Poland, were both sold off yesterday. Volume in the SPAD reached USD 43m.
Milan Procházka, Patria Finance