Trading in Prague once again suffered due to low volumes on Thursday. The PX-50 index lost 1.46%, to 465 points, and the total traded volume reached only USD 9.5 mil. As expected, the market’s weakness was largely a result of the losses of the two telco stocks, Cesky Telecom and Ceske radio, both dropping more than 2%. For today, we believe that the market will continue the across-the-board decline following the latest US corporate earnings warning yesterday and as locals are likely to close positions ahead of the weekend. Philip Morris CZ, formerly known as Tabak, is likely to gain, however, as it posted better-than-expected 2000 profits this morning.
(Milan Procházka)