Index PX-50 corrected recent gains as it lost 1.28% to 470.2 points. Cesky Telecom led those in decline, losing more than 2.7% on the day. Sellers originated from abroad and there was no substantial buyer present on the market. Komercni banka was also under pressure, especially from domestic brokers, but selling was not as consistent as in Cesky Telecom’s case. CEZ also declined in strength and lost 1.7% to CZK 96.60 level. Volume reached USD 28.7 mil. The market today is likely to absorb the strength of the US and will trade on a positive note. However, we remain cautious as far as opening longs is concerned, since liquidity starts to drop, which could signal downward correction.
(Milan Prochazka)