The PX-50 Index rose again yesterday as it added 1.2% to 642.5 points on Wednesday. Erste Bank and Komercni banka were the leaders in terms of gains, with Erste Bank touching fresh highs. Komercni gained 1.7% to close at CZK 2,527. The stocks’ gains were on the back of no news. CEZ reached a new all-time high of CZK 145.19. We downgraded our recommendations for CEZ and Erste Bank to hold on Wednesday as both stocks have reached their respective price targets. Komercni banka may add further gains ahead of the release of its Q3 2003 results, but its performance will largely be affected by the sentiment on global equity markets as its seems to trade in line with them again. Unipetrol and Cesky Telecom remain attractively priced, we believe. Volume in the SPAD trading system reached USD 24.22m on Wednesday.
Milan Procházka