Czech equities as measured by the PX
Index were up 0.2% for the week to close at 1,712.2. The overall volume of trading on the PSE reached USD
869.7m, 3.2% above its 12M weekly average of USD
CEZ was the most traded stock, accounting for about half of total traded volumes. Thanks to buying interest from international accounts, the company strengthened last week by 1.4%. Erste
Bank declined on selling pressure in Vienna, but Komercni banka finished in positive territory and was pushed up by limited supply.
Real estate developer ECM gained a strong 6.3%. The new listing on the PSE rose after presentations for investors in London. Orco
, another developer on the PSE, also closed stronger. The company announced its FY06 results, which were slightly below the market consensus, on Thursday (March 29) after the close; however, its reported NAV was higher than expectations.
CR managed to finish in positive territory, in contrast with the negative performances of its regional peers. Zentiva
outperformed Hungarian pharma producers, too. This week Orco
is holding an analyst presentation to coincide with the release of its FY06 figures. We do not expect any other major corporate catalyst to be announced this week.