The PX-50 index gained 0.22% to 786.5 points on Monday. CEZ recorded further gains above the CZK 200 level and although we have been net sellers of the stock over the last two weeks, we are likely to see CEZ adding further upside momentum in the coming days. Komercni banka is continuing to suffer; the stock is missing any near-term catalyst for a substantial recovery, only H1 results due on July 29 may have an impact on the near-term trading range. Also, the market seems not to have much short interest that would give Komercni banka some support and we can see some reductions in the long positions. Cesky Telecom will trade in the CZK 300-310 range; we are awaiting further details or news about the sale of the government's stake or development of any strong pattern in the chart to draw a more convincing view. Volume will remain moderate to average. A total of USD 32.0m worth of shares changed hands in the SPAD segment yesterday.
Milan Prochazka