Czech equities rose by 3.1% last week as measured by the PX-50 index, which closed Friday at 774.3 points. The blue chip PX-D index added 2.8% on the week and finished at 1,917.2 points. The overall traded volume on the PSE was USD 362.5m, 57% above the 12M weekly average of USD 231.3m. Cesky Telecom was the most traded stock (its volume of USD 174.3m being more than double its 12M weekly average). All Czech blue chips strengthened last week as the market was supported by decent 2003 results. Cesky Telecom gained 5.9% to CZK 328.5 on strong international demand supported by better-than-expected FY 2003 results (adjusted for the massive write-down of its infrastructure assets that was largely expected).
Unipetrol strengthened by 5.0% to CZK 65.5, driven by privatization-related news. Komercni banka and CEZ also recorded strong gains, with KB rising by 4.5% and CEZ adding 3.5%. Philip Morris CR closed the week 2.8% up at CZK 17,905 on the back of no apparent news. Erste Bank and České radiokomunikace closed Friday unchanged.
Jitka Oppitzová, Patria Finance