PSE drops on news of possible Cesky Telecom stake sale via the markets

27-10-2004

News that the government may sell phone operator Cesky Telecom via the capital market sent the stock and Prague indices tumbling on Wednesday, the bourse said. The PSE's main index PX 50 shed 1.47 percent and the blue-chip index PX-D lost 1.42 percent. Telecom shares finally fell 5.23 percent to 315 crowns. Brokers have said a sale of the government's 51 percent share on stock exchanges would mean a considerable increase in supply on the market, the Czech news agency reported, and this made investors offload the stock.