The PSE returned to growth after the previous week’s decline as the PX-50 index rose by 0.3% to close Friday at 635.2 points, while the PX-D index fell by 0.2% to 1,580.9 points.
The major gainer was CEZ, the dominant domestic power company, which rose 5.1% on the week to CZK 138.9, on the announcement of higher electricity prices for 2004 and on dividend-policy confirmation. Cesky Telecom (CT) was 1.9% higher last week and it will be the key stock to watch in the coming days as Telsource announced its intention to sell its 27% stake in CT on the market. Komercni banka rose 0.4% to CZK 2,485 on a considerable volume of USD 116.5 mil, which was 69% above the stock’s 12M weekly average. Unipetrol gained a mere 0.1%, and Ceske radiokomunikace (CRa) remained flat to close the week at CZK 291.8 after the Czech Securities and Exchange Commission rejected majority-owner Bivideon’s share buyout offer, valued at CZK 245 per share; CRa stock had spiked up to above CZK 309 at one point following the announcement.
Philip Morris CR lost 2.4% and Erste Bank gave back 3.8% of its value last week.
The overall traded volume on the PSE last week was USD 236.7 mil., 51% above the 12M weekly average of USD 156.4 mil.
As for this week, the Cabinet should discuss the timetable for Unipetrol privatization on Monday, and the lower house of Parliament begins voting on a series of public-finance-reform bills on Wednesday.