The PX-50 index lost 1.27% to 444.6 points yesterday as the US interest rate cut disappointed many and highlighted the further uncertainty facing world equity markets. Cesky Telecom had good intra-day activity, trading in a range of CZK 403–422; both local and international investors actively traded the stock throughout the day. Komercni banka had a non-aggressive buyer, helping the stock close up 0.51%, at CZK 991 (intra-day of CZK 1003.35). Other stocks moved sideways; total volume reached USD 12.1 mil. For today, investors will closely watch the Czech GDP figure to be released this morning. We are upbeat about the figure, and believe it may provide a positive stimulus for equities if it is better than expected, however, the major market focus will continue to be, as was the case throughout the whole of last year, on major European and US indices.
(Milan Procházka)