The PX-50 index gained 0.50% to 687.8 points yesterday. The Czech market thus rose for the 5th consecutive day in a row and closed at a 4-year high. Komercni banka, CEZ and Unipetrol were the major gainers. Unipetrol is the only local stock with a price-moving news flow as the sale of the government's 63% stake approaches. Cesky Telecom continues to trade in a strong volume with a number of international accounts involved. It seems the stock will face strong resistance at the CZK 300 level, but on the other hand we continue to view CT as undervalued and anticipate further growth. Komercni banka seems to gain good momentum and it may move well above the CZK 2,600 level. We expect further profit taking in Erste Bank and CEZ. Volume in the SPAD trading systém reached USD 28.71m.
Milan Procházka