The week ends in the negative territory

The Czech market closed slightly lower due to a profit taking on CEZ and Telefónica O2 CR. CEZ tested the CZK 890 level again and finished just bellow CZK 900. Telefónica O2 CR was offered by foreign accounts and closed lower despite ING’s target price upgrade to CZK 535. Komercni banka eased little bit as some international sellers occurred. Overall, we experienced a dull session without any major volumes. Investors were probably awaiting the confidence vote results, but there is no outcome yet.