Czech equities rose 4.1% last week as measured by the headline PX-50 index, which closed Friday at a three-and-a-half year high of 651.7 points. The blue-chip PX-D index ended the week at 1,626.4 points, up 4.7%. All SPAD-traded stock saw their prices rise. The major gainer last week was Ceske radiokomunikace, which rose by 8.2% on the back of no apparent news.
Komercni banka and Erste Bank were the second-best performers, as both stocks gained 5.4%, to CZK 2,577 and CZK 3,047, respectively. Komercni banka was the most active stock, with a turnover of USD 70m. Philip Morris CR added 5.2% to CZK 14,730, Cesky Telecom gained 3.6%, and CEZ added 3.3% to 146.2 - its new its all-time high. Unipetrol closed the week 3.0% stronger at CZK 65. Last week we downgraded our investment recommendations for both CEZ and Erste Bank shares to hold, as both stocks have reached their respective price targets.
The overall traded volume on the Prague Stock Exchange reached USD 195.4m last week, some 15% higher than the 12M weekly average of USD 170.5m.