The PX-50 gained 1.4% yesterday

The PX-50 gained 1.4% after both Komercni banka and CEZ posted gains of over 2%. Both stocks continued to be well bid by domestic as well as smaller international accounts. The strength of the market was supported by a positive turnaround in New York trading two days ago. Thus the current rally seems to be a technical rebound from oversold levels rather than any sustainable growth. Although Cesky Telecom may react positively to yesterday's dividend announcement, dividends of as much as CZK 20.50 were earlier indicated by the management and may be thus largely priced in. Only Komercni banka might catch the market by surprise when it releases its decision on 2003 dividends. Volume in the SPAD systém reached USD 45 mil.

Milan Procházka