January effect.

Year-end effect got new dimension this year. Year-to-year (2007) performance for main Czech stock market index PX50 is 14%. But in January 2008 index lost 17%. One of the biggest drop among emerging stock markets. This was the worst January in 15 years. During last days of January trading volume was daily 8 times bigger than on average.

If we look at the losses for respective shares; ECM -35%, AAA Auto -33%, Erste Bank -30%, CETV -24%, Orco -21%, Unipetrol -15%, Komercni Banka -14%, CEZ -13%.
First month of 2008 Czech Stock Exchange has entered "Bear" market. Also like other European stock markets.