The PX-50 index lost 1.89% to 425.50 points yesterday, pulled lower by Komercni banka, where a local paper upset market expectations by quoting a "credible" source as suggesting that investors’ bids for KB are much lower than previously thought. Also, further weakness in European markets led to cautious trading here. Komercni lost 2.19% to CZK 1,073, hitting an intra-day low of CZK 1,053, trading in a very high volume of 477,000 shares. Cesky Telecom remained strong—there is still demand for the stock, but no major movements in the name; it lost slightly, down 0.52% to CZK 382.50. For today we expect Komercni to pick up on the back of fresh news (see below), but Cesky Telecom and CEZ are vulnerable on the downside. Total market volume reached USD 19.14 mil. on Thursday.
(Milan Procházka)