The PX-50 index closed up again with CEZ dominating volume as well as performance leaders, attacking CZK 242 (a 10Y high) close towards the end of the session with a decent turnover. However, the rest of the market traded in the opposite direction following weakness of the pan-European markets. Komercni banka in particular gave up some 1.20% on the day with some foreign sellers present on the market throughout the day. Cesky Telecom, though drifting lower, traded in a narrow range with support at CZK 333 on the day - we believe it will be testing key support levels in days to come. A regards news flows the market will cautiously await the recommendation of the government’s advisor on the sale method of the 51% stake. For today, the expectation is for a lower opening given the selling off on the overseas markets, and we continue to lack any relevant local corporate news flow. The traded volume in the SPAD reached higher than average levels of USD 56.87 m.
Milan Prochazka, Patria Finance