The PX-50 index continued to rally yesterday as it added a further 0.65% to 618 points. The overall volume, however, was down slightly at USD 17.56 mil worth of traded shares. Komercni banka tested a fresh high of CZK 2,375 on foreign buying and domestic short covering, and Cesky Telecom rose to CZK 320, a gain of 1.3%. CEZ lost 0.1% on an insignificant volume. Seeing volumes ease yesterday, we now expect that a technical correction may occur sooner rather than later, but we de not expect any kind of broad market sell-off in the coming days. Recent strong bourse gains in Hungary and Poland will inspire and support further gains here.
Milan Procházka