The PX-50 index gained 1.05% to 549.4 points on Monday as Prague once again demonstrated its limited correlation with western European markets. Volume in the SPAD trading system was considerably above average at USD 21.14 mil. While Europe traded deeply in red territory yesterday, gains here in Komercni banka, Unipetrol, Philip Morris CR and Erste Bank all exceeded 1%. The bulk of the buying came from international accounts. We expect a cautious opening today after poor closing levels in the US last evening; but, overall, the market here should hold its current level, or even gain. We do not foresee a major sell off in Prague in the near term.
Milan Procházka