The PX-50 index lost 0.38% to 573.3 points as investors took profits on the market after recent gains. Komercni banka was among the top decliners as it gave up over 2.50% of its value, with foreign accounts lining the sell side; the stock closed below CZK 2,000. Erste Bank, however, traded 2.65% higher on solid international demand and on domestic short covering. Erste seems to have momentum and could be poised for further growth. CEZ closed down 1.3% on a low volume. Unipetrol rose to over CZK 53, a fresh high for the stock, and, as in the case of Erste, we see further upside potential. We continue to see a limited downside in Cesky Telecom as the record date for a dividend approaches. Volume in the SPAD system reached USD 10.13 mil. on Tuesday.
Milan Procházka