The PX-50 index lost 0.40% on Wednesday, falling to 571 points. Cesky Telecom was the leader in terms of volume traded, as more than USD 7.34 mil. in shares was traded. Though there were two large sell orders in the market, the stock fell only 1.80%, to CZK 359. Despite its recent weakness, we think the downside for the stock is limited until the dividend record date (June 27). As for the upside, the stock lacks any near-term catalyst for a further rally. Unipetrol, on the other hand, gained a further 3%, as trading in the stock continues to gain momentum and volume gradually increases. We still believe Unipetrol will deliver further healthy returns to its shareholders. Komercni banka seeks direction at CZK 2,000; CEZ trades with no major appetite. Volume in the SPAD system reached USD 17.81 mil. yesterday.
Milan Procházka