Last week the PX-50 index was driven up by Erste Bank and Komerční banka

The headline PX-50 index rose 1.0% last week, closing at 813.5 points on Friday, with the blue chip PX-D index closing at 2,039.1 points, up 1.7%. Erste Bank gained 4.7% to CZK 4,001 on a higher than average volume. The rally follows Erste’s solid 2003 results and a series of brokers’ upgrades. Komercni banka also recorded strong gains (+2.9%) despite reporting no news. Unipetrol closed the week up 2.3% at CZK 64.4. The results of the privatization tender expected in the coming week will likely signal the future direction of the stock. Domestic investors raised Ceske radiokomunikace (+1.2%). CEZ added 0.6% to CZK 189.5. On the down side, Philip Morris CR lost 4.0% and closed the week below the CZK 20,000 level after reporting weak 2003 results. Cesky Telecom gave back 2,3% of its value as investors switched out of the stock into Matav after it decided to increase dividend payments. The overall traded volume last week reached USD 339m (38% above the 12M weekly average of USD 245m). As for this week, Komercni banka should report its audited 2003 results and due diligence in Unipetrol should be finished by Friday.

Jitka Oppitzová, Patria Finance