The Czech equity market rose again last week (the 5th consecutive week). The PX-D index added 0.9%, to 1,240 points, and the PX-50 index gained 0.8%, to 461.6 points. The gainer of the week was CEZ, which rose 10.9% to CZK 90.24, a 10-month high; CEZ’s positive Q1/2002 figures surprised the market. The only other stock to strengthen last week was Philip Morris CR, which closed Friday at CZK 8,340, up 0.9%. Both telecom stocks declined: Cesky Telecom and Ceske radiokomunikace lost 2.6% and 3.3%, to CZK 335.50 and CZK 386.50, respectively. Last Monday’s Cabinet announcement – that it had canceled the privatization of Cesky Telecom due to unsatisfactory tender bidding – could partially provoke the selling flow in CT. Both domestic banking stocks were stagnant; Komercni banka remained flat at CZK 1,818 (following mixed Q1 2002 figures), and Ceska sporitelna traded narrowly near the AVS buyout offer price of CZK 375. The most heavily traded stock last week was Komercni banka (USD 49.2 mil.), followed by CEZ (CZK 49.1 mil.) – they accounted for 67% of the entire SPAD liquidity last week. Total market volume reached USD 147.8 mil. last week, which was 45% above the 12M average, despite the market being closed for a public holiday last Wednesday.
Please note that the PSE will be closed one day this week, Wednesday, May 8, for a public holiday in the Czech Republic. Also this week, Friday, May 10, is the last day to participate in the voluntary tender buyout offer made by AVS for Ceska sporitelna stock (at CZK 375 per share).
(Jan Hajek)