The PX-50 index closed down by 1.1% to 602 points on Tuesday. Prague followed the general weakening of European bourses yesterday, which also affected other regional emerging markets (Poland, Hungary). Sell orders were dominant here yesterday, and although some had expected some limited buying toward the close of the session, that failed to arise. Cesky Telecom dropped 2.5%, CEZ lost 1.3%, and Komercni banka lost more than 2.5% on the day.
Philip Morris CR, down 2.3% yesterday, is emerging as an interesting buy opportunity from a trading point of view, possibly supported by the strong Czech koruna relative to the U.S. dollar, which helps boost PM CR’s profits. Volume in the SPAD trading system was above average yesterday at USD 34.83 mil.