The PX-50 index gained a strong 2.34% to close at 516.50 points yesterday. Though the overall volume was average, USD 15.97 mil. on the SPAD system, the gain was notable as it was led by international buying. Importantly, domestic equity prices are approaching or have reached levels not seen since the summer of 2001, and we expect further market growth, at least until the referendum on EU membership in mid-June. Yesterday, CEZ reported somewhat mixed 2002 results, while the stock closed up by almost 2% (we think the results had, if any, a limited impact on the stock price yesterday). Elsewhere among the main gainers, Cesky Telecom rose to CZK 324.
Milan Procházka