Czech markets  |  January 10, 2013 19:21:36

Impaired macro data has led to the weakening of the koruna / BIG EXPERT - shares: a week from 7 First 2,013


After CNB early November cut its repo rate to "technical zero" 0.05%, attention themselves markets and central bankers focus on macro data and with increased intensity also the koruna exchange rate, because the exchange rate channel is another tool that CNB can be used for further relaxation of monetary conditions.

Recently published data indicating the deteriorating situation in the domestic industry. Even in these numbers due to crown this week to gradually weaken over 25.60 CZK / EUR. If the crown keeps close to, so the risk of foreign exchange intervention by the Czech National Bank in the first quarter of 2013, in our view, reduces, however, further weakening the crown, to the level of 26.00 CZK / EUR, the CNB would, in our opinion did not matter.

As for the bond market, so it is worth mentioning funding strategy borrowing needs for 2013, published by the Ministry of Finance. Given the course of financing in 2012, which resulted in a significant increase in financial reserves of government, we do not expect this year should in securing Government borrowing needs arise any problems - and in the case of financial market turmoil is she strong financial reserve, which covers more than half of the estimated government borrowing requirement for this year.

Today also was a meeting of the ECB, the central bankers are expected to leave interest rates unchanged in the euro area (the main refinancing rate thus remained 0.75%). At this level fell last July. The decision to leave rates was unanimous, suggesting little likelihood that rates have fallen in the coming months.

Martin Peck, Generali PPF Asset Management,
fund manager společnost

Expert opinions on the future development of selected stocks on the Czech capital market in the next month and a half, a week from 7 First 2013th


The estimate for the period from 7 First to 4 Second 2013 (1 months)

Name
Attractiveness
Price
(Monday)
Definitely
buy
Buy
No
action
Sell
Definitely
sell
COMMERCIAL BANK
^ ^ 50
3,990
2
2
0
1
0
NWR
^ 40
100.9
1
2
2
0
0
TELEFÓNICA O2 CR
^ 40
328
1
2
2
0
0
PEGAS NONWOVENS
^ 30
490
0
3
2
0
0
ČEZ
^ 20
658.5
0
2
3
0
0
ERSTE BANK GROUP
^ 10
640.7
1
0
3
1
0
UNIPETROL
0
175
1
0
2
2
0
PHILIP MORRIS CR
0
10724
0
3
0
1
1
VIG
ˇ - 10
1,039
0
1
2
2
0
CETV
ˇ - 10
119.35
0
1
3
0
1


The estimate for the period from 7 First to 8 7th 2013 (6 months)

Name
Attractiveness
Price
(Monday)
Definitely
buy
Buy
No
action
Sell
Definitely
sell
NWR
^ ^ 60
100.9
1
4
0
0
0
PEGAS NONWOVENS
^ ^ 50
490
0
5
0
0
0
TELEFÓNICA O2 CR
^ 40
328
1
2
2
0
0
ERSTE BANK GROUP
^ 40
640.7
1
3
0
1
0
VIG
^ 30
1,039
0
4
0
1
0
COMMERCIAL BANK
^ 10
3,990
0
2
2
1
0
CETV
^ 10
119.35
0
3
1
0
1
ČEZ
ˇ- 10
658.5
0
2
1
1
1
UNIPETROL
ˇ - 10
175
0
1
2
2
0
PHILIP MORRIS CR
ˇ - 40
10724
0
2
0
0
3

Rating this week performed:

  • George Ramakrishnan - BH Securities
  • Libor Bucek, Jan Mach, Milan Nedbálek - FINANCE Zlín
  • Patrick Hudec - Generali PPF Asset Management, a fund manager společnost
  • Karel Handbag, Miroslav Hlavoň - CAPITAL GRANT
  • Dušan Reactive - UniCredit Bank Czech Republic

Statistics deals with ten of the most liquid stocks traded on the PSE. The tables contain a summary of the estimates of experts listed. The column "Price" the Monday course selected titles from which to its estimates experts came out. With this value estimates will be after a period of one to six months, compared to evaluate success.The column "Attractiveness" the weighted average number of views and can take values ??from -100 to +100. Number of views "Sell", "Buy", etc. is published in other columns.
Note: Ratings are in the form of non-binding opinions, whether a security would be advisable to buy or sell with regard to the expected development in the next one month and a half year. The fact, however, may substantially differ from the estimates of experts. Experts even Kurzy.cz assume no responsibility for these differences.

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Zhoršená makrodata vedla k oslabení koruny / BIG EXPERT - akcie: týden od 7. 1. 2013

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