The Czech market closed down by 0.2% on very low volumes. We saw mixed afternoon session with rebound towards the close of the session. CEZ was the most traded stock and finished almost flat after intra-day decline. Komercni banka was upgraded by HSBC and gained thanks to short covering. Zentiva was supported by international demand, but did not manage to keep performance of its regional peers. Telefónica O2 CR was sold-off after downgrade form S&P to “negative”. Overall activity/liquidity was low.
Komercni banka was upgraded by HSBC to “overweight” with target price CZK 4,300.
Telefónica O2 CR was downgraded by S&P to “negative” on the back of TEF SM downgrade.