The PX-50 index closed up 0.77% yesterday and back above the 800-point level. Overall, the session was rather volatile with Komercni banka gaining 4.29% at close after a couple of large natural buy orders hit the market. We expect Komercni banka to continue gaining further points in coming days. Cesky Telecom is still testing the CZK 330 level and even though we have sold a large amount of the stock over the last couple of days on behalf of our clients, our traders believe Cesky Telecom is likely to trade upwards toward the CZK 350 level in the medium term.
CEZ traded down as some of the locals closed their long positions and foreign sellers reduced their position in the stock. Unipetrol traded with an increased sensitivity ahead of a privatization announcement and we continue advising our clients to continue to hold the share and to make their next decision on the back of the privatization results. Erste Bank traded higher after posting solid results, but our analysts do not see any further upside and rate the stock SELL. Volume in the SPAD reached USD 63.3m.
Milan Procházka, Patria Finance