The PX-50 index witnessed a roller coaster day yesterday as prices continued to fall. Komercni banka was the most active stock of the day with some aggressive selling pushing its share price below CZK 2,500 in the early trading hours. Speculative buying and a couple of broker upgrades within its regional peer universe however helped the stock to recoup its losses and close the session in positive territory, up 0.8%. Even though we did not see natural buyers stepping aggressively into the stock, we are likely to see support for KB in coming days. Cesky Telecom continued to be under pressure, closing down 2.3%, but we are net buyers of the stock at this level. CEZ fell 1.65% on no major trading activity. Komercni banka is likely to help us trade in positive territory, but our near to medium term view remains unchanged, i.e. a trendless traders' market. Volume in the SPAD system reached EUR 74.4m.
Milan Procházka, Patria Finance