The PX-50 index closed sharply down yesterday, losing almost 1.87% on the day, to 456.5. A large sell-off by domestic accounts toward the end of the session saw some stocks lose more than 3%: Komercni banka was down 3.4% to CZK 1,772, CEZ lost also 3.4% to CZK 91.19 (the intra-day high in CEZ stood at CZK 94,80; but it seemed to us that the market overlooked yesterday’s ex-dividend trading date for CEZ). We were net sellers of CEZ on the day. Cesky Telecom was down too, dipping below CZK 310 without any apparent related news. We expect further market weakness today. The market’s volume yesterday reached USD 22.7 mil.
(Milan Prochazka)