The PX-50 index recorded a sharp gain yesterday as it added 1.76% to its value. Komercni banka was well bid throughout the day as investors sought opportunities in stocks that underperformed rest of the market. Komercni banka came close to breaking CZK 2,500 and Cesky Telecom gained on international demand as global sentiment toward telco stocks improved substantially.
Unipetrol however lost 1.4% (closing at CZK 71.2) after investors were disappointed that the government received only 7 preliminary bids. We however remain calm as we believe only 3-4 players will be top-quality names where minority investors need not fear abuse or lack of experience. Volume in the SPAD trading system reached USD 33.84m.