Czech stocks best performing in region today

The Czech market closed down again, but showed best performance form the region. PX Index was supported by Erste Bank, Telefónica O2 CR and Zentiva. Erste Bank announced very good 4Q06 results, when net income came about 20% better than the market expected. Also Komercni banka reported its results, which are in-line with expectations, but some investors might be disappointed by proposed divided on the lower range of estimates. ECM was the best performing stock on the both domestic and international demand. On the other hand Orco significantly declined after continuing pressure and it might seem that some accounts switched from Orco to ECM. The total traded volume was more than double of long-term average.