The Prague PX-50 index lost 1.27% to 433.90 points as Cesky Telecom gave up some of its Monday gains—the stock closed down 3.04% to CZK 379.60—though a strong buyer remains on the market (more than 900,000 CT shares changed hands yesterday). Other names followed the weakness on European markets. Ceske radio closed down 1.90% to CZK 565 in what again was a low volume (with only 27,200 shares traded). Komercni closed unchanged as local demand evaporated, yet we still believe that, given the end-of-June time frame for the privatization tender completion, the stock has short-term upside potential. The total market volume reached USD 17.8 mil. on Tuesday.
(Milan Procházka)