Trading on Tuesday was again marked by low activity, with scant foreign participation. The PX-50 index’s closing level was 431.30. Komercni banka led the decliners, losing 2% to CZK 1,143, the sellers yesterday being primarily domestic. We fear that the stock may weaken further as it now appears that privatization will not be completed before the end of June. Cesky Telecom closed at CZK 360, CEZ saw some selling activity, but foreign demand was apparent below CZK 105. For today, we expect the market to rise after Nasdaq’s strong gain yesterday. We believe that the momentum in the US might bring fresh money flows.
(Milan Procházka)