The PX-50 index closed up 0.8% in a very quiet and uninteresting session. Cesky Telecom added 2.4% on the back of the CZK 17 per share dividend proposal, but the news sparked only very little optimism as its CFO has earlier indicated it could afford to pay as much as CZK 20.50 per share this year. Komercni banka continued to be well bid mostly by domestic accounts; we believe it has only limited downside at this point as it has a strong chance to positively surprise the market with an attractive dividend. The company should announce its 2003 dividend shortly ahead of the June 17 AGM. Unipetrol saw some outflows recently, but rather than any stock-related issues some of the accounts may be seeking to raise cash ahead of the Zentiva IPO, which may occur imminently. We are likely ahead of a very dull and uninspiring day as major markets are closed on Monday for spring holidays. Volume in the SPAD systém reached EUR 28.2m on Thursday.<>br/>
Milan Procházka, Patria Finance