Prague indices remained unchanged yesterday, despite Komercni banka and Unipetrol gaining more than 3%. Komercni banka continues to trade higher, despite the fact that, in our view, its valuation is being stretched, but it still rose 3.14% to CZK 1,015. The stock traded as high as CZK 1,025 during the day. We saw primarily London-based accounts lifting the market in KB. Unipetrol rose 3.29% to CZK 66 and still seems to be demanded even at this level. The stock rebounded recently with talk of privatisation. As for today, we expect the Czech market to open stronger and to maintain its gains throughout the day. Total trading volume was USD 18.58 mil.on Tuesday.
(Milan Procházka)