The PX-50 index lost 0.8% yesterday after Komercni banka continued to pull the market southwards. Komercni banka lost 1.4% on moderate turnover but it still continues to suffer from long positions and a lack of near-term catalysts. Yesterday's weak close on the US markets is not going to be very supportive either. Philip Morris CR gave up 2.4% of its value after its parent company Altria said its CEE sales were down 4.4% y-o-y. While we expect a 7% y-o-y decline in H1 sales, the market seemed to be caught by surprise. Only Zentiva backed the trend, it is again trading above CZK 500 on domestic funds' demand. The total volume on the PSE reached EUR 33.4m on Wednesday.
Milan Prochazka