There was another decline (-0.66%) in Prague on Thursday, as West European markets and US election results delays brought about a general weakening. Cesky Telecom was still, as expected, trading at around the CZK 500 level (trading in a range of CZK 490-504). There were a couple of speculative buyers bidding at around CZK 490, but we fear a further decline as Czech retail investors may continue in making stop-loss sales. Overall, Cesky Telecom lost 1.12% and closed at CZK 493.50. CEZ had another day with a good volume, almost 1.5m shares, but the selling flow was once again well absorbed by the market; the stock closed up 0.2% at CZK 92.20. In the short term, we do not expect any major recovery unless we see a major turnaround on large European and US bourses or unless there is some truly positive privatization news (Komercni?, Ceske Radio?). Total trading volume reached USD 15.3 mil. on Thursday.
(Milan Procházka)