The PX-50 index gained a modest 0.57% to 354.40 points on Wednesday. Despite major weakness on European bourses, the local market recovered slightly after recent sharp declines. Cesky Telecom added 1.15% to CZK 238.2 (but intra-day it tested a new two-year low of CZK 222.40). CEZ also rebounded, up 2.43% to CZK 75.44, as a number of rather small buy orders hit the market; we nonetheless expect a negative response today to the European Parliament’s resolution on the Temelin nuclear power plant yesterday (see below). Ceske radio, however, will be the main stock of the day after the Czech Cabinet last night approved the sale of a majority stake in the company at a price that will likely disappoint the market (see below). Total volume reached USD 12.3 mil. on Wednesday.
(Milan Procházka)