The PX-50 index closed down 1% to 778.7 points yesterday as major European and US markets resumed trading after Monday's holiday. The traded volume remained average with only USD 30.36m worth of shares changing hands. Unipetrol was among market leaders yesterday with almost 2m shares traded as we continue to see demand from international accounts as investors anticipate a launch of an obligatory public buyout. Erste Bank was well supplied from Vienna, with the stock dropping 3.8% in Prague and even further after the PSE was closed. We are likely to see further weakness in the stock today. Komercni banka continued to be well bid ahead of its June 17 AGM; KB should also announce its dividend proposal shortly ahead of the meeting.
Milan Prochazka