Further market gains were led by CEZ, TEF O2 CR and Zentiva. The main Prague’s benchmark closed just 2% below its all–time high. CEZ jumped being bid by foreign accounts. The stock closed at its all-time high of the CZK 891.8 after comments that the government will not sell any stake into the market. Zentiva increased by more than 2% on the back of good 3Q06 results and the market registered the international demand. Also Telefónica O2 CR was supported by foreign players and finished above the CZK 470. Orco has recovered from yesterday’s losses and gained 2.3%. Philip Morris declined, CAIB downgraded the PM to Sell from Buy after the market close. CME was offered by the both, domestic and foreign accounts on USD/CZK rate weakening.
* Philip Morris: CAIB downgraded the stock to Sell from Buy; the target price increased to the CZK 10,900 from the CZK 10,318