The Prague PX-50 index lost 1.22% in light trading and low activity from both international and domestic accounts. Cesky Telecom (CT) was the loser of the day, down 2.26%, closing at CKZ 505.10. The stock had a consistent seller for the third day in a row. It is our feeling, overall, that the market is long and further weakness today may initiate a number of stop-losses in CT; we expect the stock to open below CZK 500. Komercni banka lost 1.15%, to CZK 1,028, trading at an intra-day high of CZK 1,045, though international demand for the stock persists. We, however, fear that without the single current buyer in KB, the stock could be subject to a sharp correction. Total overall volume reached USD 18.15 mil. Friday.
(Milan Procházka)