The PX-50 index fell a further 1.86% during Thursday trading after international selling hit Komercni banka and Cesky Telecom. CEZ continued to feel pressure even from domestic accounts who continue to close their long positions in the stock. The sell-off continues to be driven by sentiment across the emerging markets, but there is no relevant domestic market news that could be behind the weakness. We reiterate our view that we are in a traders’ market with increased volatility and volumes. The market is still trading with no apparent trend, but we incline more toward the scenario that a further weakness is ahead of us. Volume in the SPAD trading systém reached EUR 36.2m.
Milan Procházka