The PX-50 index lost 0.2%, decreasing to 759.0 points on Monday. The market traded with low volume reaching only EUR 18.9m, with limited activity in both international and domestic accounts. Philip Morris CR continued to sell better among domestic institutional accounts. Despite the fact that stock still seems to have downsided toward or slightly below CZK 15,000, the current estimated dividend yield of 11% could be appealing for many long-term investors. Komercni banka and Cesky Telecom traded sideways with no particular news. Erste Bank gained 2.1% on the back of a stronger price in Vienna. We continue to be skeptical that volume will pick up substantially and still feel that the market will remain trendless and highly volatile.
Milan Procházka