Czech equities, as measured by the PX Index, were up by 1% for the week to close at 1,836.0. The overall volume of trading on the PSE reached USD 1,061.9m, 22.1% above its 12M weekly average of USD 869.7m. CEZ was the most actively traded stock. The company reported its 1Q07 results last week, which came in more or less in-line with expectations. Net income was better than estimated, but on the other hand, EBIT and revenues were slightly lower than analysts had forecast. CEZ’s management left unchanged their FY2007 projections. Zentiva also published its 1Q07 figures last week. The results were worse than expected. The stock was also under pressure after the news came out that PPF was looking for a buyer of its 13% stake in Zentiva. Unipetrol posted good 1Q07 numbers which exceeded projections. Unipetrol gained more than 11% on the back of support coming from Eni’s acquisition of a 16% stake in Ceska Rafinerska. Komercni Banka benefited from an initiation of coverage and a Buy recommendation from Nomura. Pegas increased by 5.3% on the back of takeover rumors from the Polish firm Lentex. Philip Morris increased in price and was well supported by local demand. This week Komercni Banka could find investor support as the stock is traded for the last day with rights to the dividend of CZK 150 per share coming on Tuesday, May 22. No other major corporate catalysts are expected this week.