The equity market yesterday

The market in Prague lost 2.52% on Wednesday after the US and major European indices deepened losses on concerns of a US economic slowdown. Cesky Telecom was again a top loser, as we felt some of the brokers closed long positions after supporting the stock at CZK 500 levels in the course of Christmas holidays. At the open, however, the stock peaked again at CZK 503 but sellers across the board decided it was unjustified. The closing price was CZK 475.70. More than 790,700 shares changed hands. Ceske radio also followed south, trading as low as at CZK 1,200 later in the afternoon but still seems to find buyers at these levels. Komercni banka went again against the market trend and added 1.82% and trading at CZK 920. There has been a big London buyer in KB for several days already. Total market trading volume stood at USD 19.57 mil. on Wednesday.

(Milan Procházka)