The PX-50 gained 1.30% to 796.2 points on Wednesday. The market gained on a moderate volume with Erste Bank being the leader among the day's gainers, closing up 3% after posting solid FY 2003 results. The results, even though strong, were in line with our projections, but they were not enough to change our view in our models and therefore we reiterate sell recommendation with the 12-month target price of EUR 116. Cesky Telecom and Komercni banka gained over 1.40% in sympathy with foreign markets. We expect the moderate volume and stronger market to continue in the coming days. Volume in the SPAD reached EUR 35.4m.
Milan Procházka, Patria Finance