The PX-50 index closed down 0.27% to 514.8 points on Friday. Cesky Telecom and Komercni banka each lost approximately 1% in value. But neither volume nor investors interest seem to shift the mood toward selling the market. We remain positive toward CEZ, Cesky Telecom, Unipetrol, Erste Bank, and to a lesser extent toward Philip Morris CR. Komercni banka and Ceske radiokomunikace should underperform the market, we expect. Volume in the SPAD system reached a below-average USD 10.02 mil. on Friday.
Note that this week several national holidays in central Europe will see stock exchanges in Prague and Warsaw closed on May 1st (PSE also on May 8th), and the Budapest Stock Exchange will be closed on May 1st and 2nd.
Milan Procházka