Czech equities, as measured by the PX Index, moved up by 2.4% to close last week at 1,552.8. The overall volume of trading on the PSE reached USD 980.0m, 31% below its 12M weekly average of USD 749.3m.
CEZ was one of the best performing and the most traded stocks of the past week, gaining almost 5%. CEZ began being listed on Warsaw’s Stock Exchange and was in demand by international investors. Telefónica O2 CR showed a nice performance and moved up by almost 5%. TEF O2 CR's moves were inspired by rally in its regional peers. The company announced good 3Q06 results on Friday, October 27.
Philip Morris was the star of the week where it was lifted by buying in foreign accounts and it took off by more than 7%. Erste Bank benefited from an analyst’s upgrade. The bank reported its 3Q06 figures on Monday, October 30. Zentiva continued its way down and lost almost 4%, being downgraded by us and some analysts. Zentiva reports its 3Q06 results on Monday, October 30. Orco slid the most last week on the back of a downgrade from analysts. For the upcoming week, we are expecting to see market reactions to the announcements of 3Q06 results. At the end of the week, there will be a number of announcements on macroeconomic data related to foreign trade.