The PX-50 index closed down 0.17% to 570.5 points on Friday. Czech voters overwhelming approval of EU membership in a weekend referendum is likely to dominate today’s domestic news. The news is obviously positive but both the fixed-income and equity markets fully expected the outcome, we believe. Komercni banka traded Friday in a decent volume exceeding USD 14.27 mil., as large cross trades were put through the market. Cesky Telecom traded slightly higher at CZK 364.50 virtually the whole session. CEZ rose slightly to CZK 113.50. For today, we expect a quiet start to the week, with trading cautious as the market appears to lack a trend at present. Trading-wise, we recently took profits in Unipetrol, CEZ, and Philip Morris CR, where we see no major catalyst for growth in the near term; we are closely watching Komercni banka too, as support at the current price seems weak. The total volume in the SPAD trading system reached USD 23.19 mil. on Friday.
Milan Procházka