The PX-50 index gained 0.26% to 691.7 points yesterday, led by gains in CEZ and Komercni banka. Komercni banka's gains accelerated after a price-target
upgrade from a London bank; CEZ was pulled up by strong international demand. Cesky Telecom dropped 2.1% after its CFO's comments on potential write-offs, although the stock continues to see some inflow and is holding well even on this bad news. We reiterate our view that Komercni banka will consolidate at the CZK 2,600 level and even this consolidation may be short lived and the stock could gain even further to well above this mark. Komercni banka is currently on the top of our buy list. Volume in the SPAD trading systém reached USD 47.5m.
Milan Procházka