The PX-50 index gained 1.37%, to 436.60 points, led higher by Komercni banka and Cesky Telecom. Although there were sellers later in the afternoon (we believe it was profit taking), local investor support sufficiently absorbed the selling pressure. CEZ touched the 109.50 level, again led by local demand, though a selling flow from international investors was apparent. Overall, though, the market traded inactively; total volume reached USD 11.62 mil. For today, the market should open strongly after a high US close last night and what with recent bullish corporate earnings reports; we, however, expect foreign participation here to remain limited.
(Milan Procházka)