The market got hit in the afternoon. The volume traded was well above the averages. The Czech market followed the rest of Europe and closed almost 2% lower. The only blue chip that stayed out of the sell session was Philip Morris. Telefonica reported 2Q07 earning beating analysts’ forecasts. Net income reached CZK 2.6bn in comparison with expected CZK 2.44bn. Orco closed down by 3.6% at CZK 2,890 due selling pressure which was in-line with Paris. Erste Bank hit the six-month low at CZK 1,538 and closed bit higher at CZK 1,542. CME traded in-line with the US and it was the biggest laggard falling more than 4% on stop loss orders. ECM was also under selling pressure finishing below the CZK 1,700. According to expectations, the Board of CNB raised main repo rate by 25bps to 3%.