The Czech market opened much lower on the back of panic retail selling after deadlock as the outcome of weekend’s election

The Czech market opened much lower on the back of panic retail selling after deadlock as the outcome of weekend’s election. The defensive stocks finished in positive territory. The most hit was Zentiva, when price fell after beginning to CZK 1,060 level. CEZ touched CZK 680 and Cesky Telecom sank to CZK 445. Overall Cesky Telecom finished up by 1.3% to close at CZK 464, Cesky was also positively influenced by upgrade of some analysts. Zentiva was the second stock who increased. After morning sell-off title recovered and gained 1.1%. Stock was nicely bid almost whole day and closed up on the back of no news. Komercni banka lost 0.7% and ended above CZK 3,200 level on the back of short covering. CEZ erased the most of the day 2.18% and closed at CZK 697.