The PX-50 index lost 2.02% to 407.7 points on Thursday. All major stocks underwent a correction of Wednesday’s gains. Komercni banka was the most effected (-4.3%); it opened at CZK 1,320 and then slumped, trading at CZK 1,260–1,270. CEZ also lost significant 4.2% to CZK 70.84 on foreign selling and some stop losses from domestic brokers. Total market volume reached USD 17.40 mil. For today, the market is likely to head southwards after major losses on the US market. CEZ is likely to trade down today and might test the CZK 70 level. We believe that Cesky Telecom might trade below CZK 310 in course of the trading. We expect a domestic sell off in the afternoon as locals close positions ahead of the weekend.
(Milan Prochazka)