Market jumped from oversold territory. All titles closed upon bargain hunting, aggressive buyers came to pick some cheap stocks right after publication US numbers. CEZ was the leader being bid by local accounts while foreign players were still rather on the offer side. Philip Morris was the best performer adding 6.5% as we saw renewed buying interest after recent heavy sell-off. Komercni banka closed above CZK 3,100 level however foreign buyer failed to keep the bank at day high of CZK 3,144. Cesky Telecom touched CZK 470 towards the close and still offers dividend yield of 9.5%. Also long suffering Zentiva firmed after the interest from both domestic and international accounts.
Cesky Telecom: Telefonica announced its 05-09 forecasts for Cesky Telecom. Revenues should growth up to 2% and OIBDA up to 3%. These figures are bang in-line with our estimates.