Czech market did not rebound from yesterday’s sell-offs and closed down again

Czech market did not rebound from yesterday’s sell-offs and closed down again. All stocks finished in red, CEZ was the only exception. Local accounts got rid of Cesky Telecom and CEZ. Stop losses were executed on Unipetrol and Komercni banka. Zentiva failed in-line with Hungarian pharmas. We saw foreign players on the buy side in Cesky Telecom and cautiously buying CEZ. Volumes were quite good.

Ecpected events:

12/6	Industrial output (Apr) – our estimate 8.0% y/y
13/6	Zentiva: Last trading day with dividend of CZK 9.5
	CEZ and RWE hold joint press conference
14/6	Politics: ODS leader to inform the president about the government set up process
	Patria/KBC: Investor’s day in Prague
	PPI (MAY) – our estimate 0.5% m/m