Czech stocks again posted significant gains and touched levels unseen in the past 10 years. The PX-50 index closed up 1.03% at 784.4 points. Cesky Telecom once again outperformed the market by adding 3.7% on a hefty volume exceeding USD 18.9m. We continue to believe the stock is trading with strong upwards momentum and will likely post further gains in coming sessions. Erste Bank and Philip Morris CR were strong performers as well. While Erste Bank is trading in line with strong sentiment regarding the European banking sector and further potential consolidation within it, Philip Morris CR is well demanded by domestic accounts that are piling up the stock ahead of April 1st, the deadline when local pension funds will be allowed to buy into the stock. CEZ on the other hand underperformed: we continue to see sellers over the last couple of sessions. Volume in the SPAD systém reached USD 55m.
Milan Procházka, Patria Finance