The Prague PX-50 declined 1.40% yesterday, to 409.10 points. The main loser was Cesky Telecom, down 4.88% to CZK 339.30, as international selling pressure persisted and as local brokers took stop-loss positions; more than 690,000 shares changed hands. Some demand was obvious in CEZ, with strong bids at the CZK 104 level. Ceske radiokomunikace seems to be on the southward track again as liquidity is draining and as some investors, having lost patience, began selling the stock. Despite that, Ceske radio volume remains miserable; only 32,000 shares changed hands yesterday. Total market volume reached USD 12.40 mil. on Thursday. For today, we expect weakness in telcos again after Nasdaq’s loss yesterday and as we believe that the local market will await the release of a US employment report (due 14:30 CET) for further direction.
(Milan Procházka)