Ranní komentář 17.06.

 We expect weak market today as the election gave the signal that Czechs are more oriented on left-wing parties compared to very strong support of right-wing parties after the revolution in 1989. Only CEZ, we expect to move contrary to the rest of the market (see below)

* A record low turnout of 58% was characteristic for this year's elections. Social democrats (center-left party), as in last elections, won with 30.2% of the vote. The Civic Democrats ODS (right-wing party) came second with 24.5%. The Communist came surprisingly third with 18.5%. The Coalition (center-right party) suffered the greatest loss by garnering only 14.4%.

* CEZ - As Social Democrats have won the elections we believe the transaction to be completed creating an upward pressure on CEZ shares today.

* CESKY TELECOM: At the AGM on Friday, the National Property Fund (NPF) put through its proposal for no dividend.


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