Czech equities up on Thursday

The Czech market was up sharply on Thursday, the PX-50 index added 2.96% as foreign accounts aggressively accumulated Cesky Telecom. Although there was a sizable selling flow, demand was sufficient to bring Cesky Telecom back above the CZK 500 level-the stock closed up 7.10% at CZK 501. Cesky Telecom followed recent gains in Matav and TPSA. The intra-day trading range was CZK 460.10-501.50. Other stock followed CT’s strength yesterday: Ceske Radio rose 3.52% (CZK 1354), CEZ rose 3.83% (CZK 98.69), Ceska sporitelna rose 2.29% (CZK 241.30) and KB rose 2.7%. We believe CEZ's resistance level is CZK 100 and that the stock will trade in a range of CZK 90-100 in the near term. Overall trading volume reached USD 28.43 mil. on Thursday, i.e. a fairly good volume by Czech standards.

(Milan Procházka)