Domestic shares slightly weaken in the morning, in line with European peers

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Investiční bankovnictví KB

      Domestic shares paused after yesterday’s increase. The PX-D index trades down by 0.3% to 1,209.8 points weighted down by the telecommunications issues. Ceske Radiokomunikace drops by 2.5% close to CZK 200. Cesky Telecom follows with a loss of 1.3%. Komercni banka (-0.3%) and Unipetrol (-0.6%) also move in line with the market. CEZ and Erste Bank buck the trend. Erste Bank improves by 0.5%. CEZ ticks up by 0.1% giving little attention to the news the key ministries of finance and industry refused to review valuation of distribution companies.

      

       European shares trade down after worse outlook for German economy and poor outlook of Swiis banking giant UBS. ZEW index describing expectations for the European biggest economy reached +15.0, higher than the market expectations, which were looking for a slight decline. However, ZEW institute surprised the markets after saying that it expects the German economy to remain weak also in the second half of this year, when majority of the investors already expected a recovery. Swiss bank UBS announced weaker than expected results and joined the list of companies that declined to provide outlook for 2003. Numico trades down after Danone declined the rumors that it plans to take over the company. Sanofi-Synthelabo bucks the trend after reporting better than expected results and providing bullish outlook for 2003.

      

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