The PX-50 index lost 2.64% yesterday, the largest single-day decline since September 11, 2001, to 420.90 points. The panic selling in Ceske radiokomunikace continued: the stock lost 3.45% to CZK 349.50 after trading much lower earlier in the day. Cesky Telecom was under strong selling pressure from large accounts as well; it lost 5.04% of its value, to CZK 322, though there was sizable demand at the CZK 322-325 levels. Komercni, Ceska sporitelna and Unipetrol followed suit, all posting losses on the day. Total market volume reached USD 36.7 mil. For today, the market will likely open flat, given the expected neutral reaction to the US Fed’s decision to leave interest rates unchanged.
(Milan Prochazka)