The PX-50 index gained slightly, up 0.22% to 411.70, led by gains in Komercni banka and the utility CEZ. Komercni added 2.50%, to 981.50, ahead of the May 11 tender deadline for binding bids toward the state’s 60% stake in the bank. Demand was primarily driven from abroad. CEZ shot up to the CZK 105-106 levels after opening, with foreign demand apparent, and the stock remained strong through to the end of the session. Total market volume reached USD 10.75 mil. yesterday. For today, we expect mixed trading and continued foreign participation. We expect Cesky Telecom to open down, below CZK 340, though the price is not likely to drop much below that.
(Milan Procházka)