Profit taking in CEZ and KB pushed the PX-50 index down 0.7%

Profit taking in CEZ and Komercni banka (driven mostly by domestic sellers) helped to push the PX-50 index into negative territory again, closing down 0.66%. Komercni banka, Erste Bank and CEZ were all under pressure from domestic sellers. Cesky Telecom traded against the trend, with more than USD 14.6m worth of shares trading and demand originating from abroad. The stock gained 1.35%, its growth might have been precipitated after a premier brokerage house initiated its coverage with the Overweight rating and target at CZK 348. We continue to see demand for Unipetrol - moreover, after comments from PKN Orlen management, we should see more inflow into the stock. Volume in the SPAD reached USD 43.5m.

Milan Procházka