The PX-50 index gained 2.2 points (+0.58%) to 384.50 on Tuesday. Strong bids in Cesky Telecom helped the stock rise 2.45% to CZK 313. A number of foreign accounts were present on the market throughout the day, though the amount of traded Cesky Telecom shares was average (606,000). We believe that a substantial part of the buying was covering of short positions. Other names traded quietly, with no particular interest. Total market volume reached USD 12.0 mil. Today, the market may gain following the US rate cut yesterday, but we believe the market might remain cautious ahead of the ECB decision on Thursday.
(Milan Prochazka)