The PX-50 index lost 0.3% yesterday, when the market was driven lower by profit-taking mainly in Erste Bank stock, which lost 1.9% of its value. Other issues ended slightly stronger. Unipetrol was the winner of the session, rising 2.1%, after the government kicked-off the long awaited privatization of the company. Komercni banka was the most actively traded stock yesterday, closing unchanged on a thin turnover. Cesky Telecom added 0.5% on good volume, in which foreign orders dominated once again; the stock still trades within a range of CZK 270-290, which we believe will be the case until the issue with TelSource's stake placement is settled (TelSource intends to place 27% stake in the company on public markets). For today, we expect a quiet session with little price activity.
Silvio Kotarac