Czech shares ended up 1% at 647.6 points yesterday as measured by the PX-50 index: lower than average volumes confirmed that the market has entered a holiday period. Still, Czech stocks posted descent gains with Erste Bank leading gainers after a major brokerage upgraded its price target for the stock. Cesky Telecom broke through the CZK 290 level. Lower liquidity may bring increased intraday volatility, but we do not anticipate any major moves on the market till year-end. Today is the last trade date with 2003 settlement. Volume in the SPAD trading system reached a mere USD 16.1m.
Note that the Prague Stock Exchange will close December 24-26 due to a public holiday. The next trading day is Monday, December 29.
The market is also closed on December 31 and January 1-2. Trading then resumes on January 5, 2004.
Milan Procházka