Yesterday, the market volume reached only USD 60.8m as the post-Christmas, pre-New Year holiday period weighed in the traders. The PX Index ended flat although some closed longs as volumes remained below average. We continue to see a decent two-way flow in Telefonica 02 and Komercni Banka. CEZ continues to be better offered since it issued its 2007 guidance almost a week ago.
We expect to see an ongoing lack of interest with volumes falling even more dramatically as we move closer towards the New Year.