Prague went through a sharp decline on Friday, as investors continued to actively sell off Cesky Telecom and CEZ. Overall, the market lost 1.56%, closing at 493.80 points. Cesky Telecom was down 2.11%, with a closing price of CZK 520.30, after trading as low as CZK 513.60. Similarly, CEZ dropped 3.40% to CZK 95.62, with a daily low of 93.50; a ”sell” recommendation made by a local broker Friday, with a price target of CZK 69, did not help either. Most of the selling was initiated by Czech retail brokers, as their clients stopped losses since a rally, expected by some after the release of Q3 results, has failed to materialize. Overall volume reached USD 16.60 mil. on Friday.
(Milan Procházka)