The PX-50 index closed at 662.1 points (+0.46%) after the first trading session of 2004. Cesky Telecom accounted for most of the total volume. The stock declined by 0.51% but touched as low as CZK 285 on international selling. Agencies reported that a Cabinet meeting should decide on a sale plan for the state's 51% stake this Wednesday, but we believe this news was not behind the decline. Moreover, we believe that more sale-related news will give a boost to the Cesky Telecom share price. Other names traded in the black and intraday gains were below one percent with the exception of Unipetrol, which added 2.6% as privatization deadlines near. In the coming days, we may still see a wave of strong optimism (as in Poland in the last 2 days). Nonetheless, some of the names are approaching overbought territory where we would not buy stock. This particularly concerns Philip Morris CR and CEZ. Total volume in the SPAD trading system reached USD 30.98m.
Milan Procházka