Prague lost 1.2% (PX-50) on Tuesday in a trading volume of only USD 10.2 mil. Although trading remains subdued, some price changes were significant. CEZ led the losers, down 6.68%, as sell orders overwhelmed bids. CEZ’s intra-day low was 98.40 and more than 1 mil. shares were traded. Recently stepped-up challenges by Austrian anti-nuclear groups to the Temelin nuclear plant seems to be the major driving force in CEZ at the moment, pushing the stock lower. Cesky Telecom, conversely, was hardly traded yesterday, only 210,000 shares changed hands. Today’s opening levels will be weak following the poor performance of US markets overnight, and we do not expect any major upward development later in the day, as the local market lacks buying and positive news flow.
(Milan Procházka)