The profit-taking on the PSE continued last week, with the PX-50 and PX-D indices both losing 5.6% and finishing the week at 772.5 and 1,927.5 points respectively. All Czech blue chips saw their prices fall, with the loser of the week being Ceske radiokomunikace, which gave back 15.1% of its value and closed Friday at CZK 437.1. CEZ lost almost 10% to CZK 175.1.
Komercni banka fell by 7.8% to CZK 2,737; its weakness can still be attributed to the weaker than expected Q1 results reported at the end of April. Cesky Telecom also posted a loss of over 5% on the week due to continuing disputes between the CT and Eurotel managements and the resignation of Eurotel’s CEO. Erste Bank fell in sympathy by 2.9% to CZK 3,890. Philip Morris CR and Unipetrol also fell, but their losses did not exceed 1%. The recent weakness of the market is related to selling-off across all CEE markets rather than to stock-specific or country-specific concerns.
The total traded volume last week was USD 493m, which was 77% higher than the 12M weekly average of USD 278m.
Jitka Oppitzová, Patria Finance