The PX-50 index posted a dramatic single-session loss of 2.7% to fall to 555.3 points yesterday. Cesky Telecom was the most actively traded stock, losing 6.7% of its value after reports that its Dutch shareholder, KPN, sold its 6.5 % stake in the company (almost 20.9 mil. worth of Cesky Telecom shares were sold by KPN to Credit Suisse First Boston for CZK 339 per share - see below. Over 2 mil. Cesky Telecom shares changed hands on the PSE yesterday, but most of the flow originated from sellers other than KPN (CSFB). Elsewhere, Komercni banka lost 3.1% to CZK 1,915, and CEZ, down 2.95%, returned to the CZK 110 level. In the near term, Cesky Telecom’s share price is likely to remain under pressure as domestic investors will likely speculate that part of the CSFB placement will return to the market. Komercni banka, could stabilize at the CZK 1,900 level; the market awaits a dividend announcement tomorrow. Volume in the SPAD system reached USD 54.69 mil. yesterday, the highest this year.
Milan Procházka