The PX-50 index gained 0.97%, to 417.30, after strong US closing levels and a renewed wave of optimism led European markets higher. The major focus here was on Komercni banka, which found aggressive buyer and closed at CZK 1,088, having an intra-day high of CZK 1,119. More than 235,000 KB shares changed hands yesterday. Cesky Telecom traded actively late in the afternoon yesterday, with strong sellers and buyers; the intra-day change was +0.15% and the stock closed at CZK 337. Ceske radio rallied up to CZK 594 per share (opening at CZK 564) after news reports quoted TeleDanmark’s new bid for the government's stake as worth CZK 762 per share (ex dividend). Total market volume reached USD 17.97 mil. The direction for today is difficult to predict, but we believe that profit taking might occur in Komercni and that Cesky Telecom may lose some of its late-afternoon gains of yesterday.
(Milan Procházka)