The PX-50 index edged only marginally higher on Thursday, up 0.09% to 571.5 points. Cesky Telecom was the most heavily traded stock, with descent flows on both the buy and sell sides. Komercni banka, seeking direction as we noted yesterday, lost 0.9%. Unipetrol rose 3.7% to CZK 57.9, though its share price seems to be overheating as it approaches the CZK 60 mark; there was some profit taking from traders as well as from natural accounts yesterday. We continue to see upside potential for the stock price. The stock has gained 67% year-to-date, largely on privatization hopes. A two-day national referendum on EU membership commences today, in which a “yes” vote is widely expected, an assumption largely reflected in current equity prices, we believe. Volume in the SPAD trading system reached USD 28.54 mil. yesterday, higher than average.
Milan Procházka