The market declined again, with volume somewhat low due to the holiday in the US. All stocks closed in negative territory. Only Komercni banka managed to finish in the green and start to erase recent losses. Orco fell after announcing worse than expected 9M06 results and its management's downgrade of their FY06 forecast by 10%. HSBC started to cover the stock with an Underweight recommendation. Erste Bank dropped from its all-time high that was reached yesterday. CEZ was trading above CZK 940, which was a new high, in the morning, but admitted to some profit taking later in the day and ended up closing in the red. Telefonica O2 CR declined as yesterday’s buyers were missing from the market. Zentiva was off again on a general lack of interest from investor. CME finished down at the CZK 1,600 level due to selling by foreign accounts.
The market heads for another quiet day Friday as the US is open for only a half day and many investors have already left for the long Thanksgiving weekend. The Czech market lacks any obvious triggers and we may be seeing investors rather inclined to be looking to lock in some of their recent profits.