The PX-50 index gained 0.88% to 800.5 points on Thursday. The gains were led by Cesky Telecom and Erste Bank. Erste seems to have broken the resistance at EUR 130 and we anticipate further appreciation of the stock in coming days. Cesky Telecom shrugged off the losses of recent sessions, but the stock will continue to be vulnerable to any political turmoil in the Czech Republic as its privatization may be delayed for several months. Cesky Telecom is likely to sustain its levels today - its last cum-dividend trading date. We expect moderate trading activity today as this weekend will be a long one (the market is closed next week Mo-Tue) due to a public holiday. Volume in the SPAD reached EUR 16.6m.
Milan Procházka