Czech Market: Late Profit Taking Eased Day’s Gains

The market closed almost flat as gains on CEZ were off-set by losses on Erste Banka and Zentiva. CEZ has reached the all time high of the CZK 900 in the morning, but profit taker hit the stock down to the CZK 890 level. A nice volume went through the market; CEZ was the most traded stock with about the half of the total turnover. Erste declined on poor volume, Vienna’s market was closed due to the public holiday. Philip Morris follows the pace of growth set by recent days and gained further flirting with the CZK 12,000 level. Telefónica O2 CR was inspirited by rally on its regional peers TPSA and MTEL, but found resistance at the CZK 460. Zentiva declined after recent downgrades and finished below the CZK 1,270.