The PX-50 index closed down 0.8% on a total turnover of USD 41m in the SPAD systém. Banking stocks dragged the market down, with Erste Bank losing 3.1% on heavy profit taking and Komercni banka losing 5.8% after the stock went ex-dividend yesterday. CEZ was the best performer, adding 3.5% and breaking the CZK 200 level, driven by a few foreign buy orders at market close. For today we expect the market to trade on the upside, with defensive stocks CEZ and Philip Morris CR likely to outperform the rest of the market. Banking stocks might also see some correction after their recent sharp drop.
Silvio Kotarac