The PX-50 index lost 1% on total turnover of USD 52m in the SPAD systém. The market opened up in the morning but this was quickly reversed by strong selling pressure from international investors in most of the stocks. Komercni banka was the biggest loser and lost 2.6%, CEZ could not hold above CZK 200 and closed down 1.3%. Cesky Telecom closed down 1.3%, also under the strong pressure. We see the main reason for the sell-offs as a global sentiment on equities, which has recently turned negative. For today we expect cautious trading, as selling on most of the blue chips could continue.
Silvio Kotarac