The Czech market closed significantly down in-line with other regional markets. Prague’s stock exchange was dragged down by CEZ. Huge volume was traded on CEZ and the stock was hit as it was sold by international and domestic players and did not hold important level of CZK 900 and closed below CZK 890. CEZ fell to the CZK 878 level intraday, but rebounded to CZK 886. We saw profit taking on Orco, however the other real estate company ECM gained after Erste initiated covering of the listing with Buy recommendation and target price of CZK 1,914 per share. CME declined as ING decreased its rating to Hold from Buy. Komercni banka finished comfortably near the CZK 3,600 level.
The total traded volume was above the long-term average.