Equities Update: CEE Rally To Run Further

We reiterate our bullish view on Central and Eastern European (CEE) equities and highlight four markets where the momentum looks to have further to run. The Polish WIG20 has long been our favourite emerging Europe stock play, having gained 37.9% since its February 18 low and pushing firmly through our 1,700 upside target on April 8. We believe the rally has further to run, with gains to 1,900 now expected. We continue to caution though, to watch for a technical retracement in the immediate term. Several momentum indicators including the relative strength index and stochastic momentum indicator suggest that the

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