The PX-50 index gained only 0.10% in a rather quiet and narrow-range trading day. Erste Bank was the top traded name as locals took opportunities in arbitrage trading between Prague and Vienna; we saw a domestic pension fund selling the stock after its recent performance. CEZ traded in the CZK 149-149.50 range on no news. Cesky Telecom volatility was even more limited and it traded in the CZK 293.90-294.50 range. We currently have a positive outlook as regards Komercni banka, as it has underperformed its regional peers over the last month. Moreover, Komercni banka should also benefit from yesterday's upbeat comments from the CEO of its rival, Ceska sporitelna, who gave a positive spin on CS's 2003 and 2004 performance. Volume in the SPAD reached USD 29.6m.
Milan Procházka