The PX-50 index had a turbulent session on Friday after most Czech blue chips reported their results. Philip Morris CR was the biggest laggard of the day, losing over 12% on a heavy volume exceeding USD 15m. The tobacco producer plummeted after posting results substantially below the market consensus. Komercni banka, however, gained a further 1.9% on strong international demand even though its results were largely in line with expectations. Zentiva was down over 5% on the day despite its results bringing no major negative surprises. For today, we expect further weakness; CEZ in particular will be in focus as its results are likely to disappoint investors. Volume in the SPAD systém reached USD 70.1m.
Milan Prochazka