Despite the steep falls of major European and US bourses yesterday, the Czech market continued gaining strength. The PX-50 index added 0.16% to 486 points in posting a two-year high. Cesky Telecom rose by 1.26% to CZK 306.30, with strong international demand again and a good volume. Erste Bank gained over 2% after it reported better-than-expected 2002 results early yesterday morning. Komercni banka traded in a lower-than-average volume lacking news or major flow yesterday. Today, we expect a lower opening in Prague, as we believe local investors might begin selling-off long positions in Cesky Telecom. The rest of the market we expect will trade in line with the global sentiment and will be sensitive to events occurring in Iraq. Volume in the SPAD system reached USD 16.19 mil. yesterday.
Milan Procházka