The PX-50 index lost 1.17% to 454.9 points on Tuesday. Cesky Telecom (CT) led the losers, it was down 4.7% on the day to CZK 266. The stock was well offered by international accounts despite reports DB/TDC, the consortium that won the CT privatization tender, did not reach an agreement with key minority shareholders of CT, TelSource/KPN (see below). The market now awaits a formal announcement from the Cabinet of a cancelled privatization (its next meeting is December 2). Today, we expect a lower opening given weakness in US markets last evening. Volume in the SPAD trading system reached USD 12 mil. yesterday.
Milan Prochazka