Czech equities, as measured by the PX Index, were up by 1.6% for the week to close at 1,849.6. The overall volume of trading on the PSE reached USD 817.0m, 1.7% above its 12M weekly average of USD 803.6m. The most actively traded stock - CEZ - finished the past week slightly in negative territory on the back of selling pressure from foreign accounts towards the end of the week. Orco strengthened after the company successfully increased its capital base through the sale of 1.5m new shares at EUR 115 per share. Telefonica O2 CR declined and it seems that investors are changing their preferences in this sector to the Polish operator TPSA, where a share-buy-back program has started. Both banks, Erste Bank and Komercni banka, moved up in-line with their other peers in the banking sector. UBS replaced Komercni banka in its TOP CEE3 List with CEZ. CME and Erste Bank were the best performing listings in the past week with gains of almost 6% and 5% respectively. Real estate developer ECM finished the week slightly in negative territory, with the shares influenced by the postponement of an official decision concerning company’s Epoque project. This week, Orco’s shares should start to trade on stock exchanges in Warsaw and Budapest. We don't expect any other major corporate catalysts.