An announcement by KPN extended the recent losess of Cesky Telecom (CT) into Wednesday. A London seller kept the pressure on CT in continuing its offer of recent days, executing sizeable order under CZK 600 in the morning. There were a few domestic buyers in CT around CZK 580-590. In the afternoon, however, KPN, currently the key shareholder in CT, announced that it would not increase its stake in CT in CT’s forthcoming privatization; CT lost immediately almost 6% intra-day, at CZK 557, but later corrected and climbed back to CZK 578. Still, the stock lost 2.72% on the day. Other stocks suffered as well, Komercni lost 3.56% during morning trading; one seller in KB in the morning became a buyer in the early afternoon. CEZ also closed down (-2.89%) at CZK 108.35 on no news and with no large buyers. Volumes were good and stood at USD 19.8 mil.; the PX-50 index lost 2.15%.
(Milan Procházka)