The PX-50 closed down 0.8% yesterday on a total turnover of EUR 44.9m. Komercni banka was by far the most actively traded stock, representing about 1/2 of the total volume. Its stock closed down 1.7%, with foreign accounts mainly being active on both sides. Cesky Telecom traded ex-div and activity was slight; the stock lost 4.5% and was trading at around the CZK 305 level, discounting the net dividend of CZK 14.5. CEZ saw some money inflow and added 1.8% on lower activity. Philip Morris CR was the best performer yesterday and closed up 4.8%, driven by market several buying orders. For today we expect a slower start to the session but that might be reversed later on. We expect Philip Morris CR to outperform the market again; other names should stabilize at around current levels.
Silvio Kotarac