The main PX Index failed to hold above the 1,700 points and closed slightly below. The volume traded was well above the averages. Komercni banka was very volatile stock with the difference of CZK 130 between high and low. Komercni gained 2.2% and was the mover of the day. Erste Bank (1 398 CZK, -1,48%) was traded around CZK 1,365 during the day and finished just below CZK 1,400 (-1.48%). Telefonica (593 CZK, 2,00%) O2 CR broke CZK 590 supported by foreign accounts. Telefonica O2 CR is still trading with the dividend of CZK 50 per share which implies the yield of 8.4% under current market price. Ex-dividend day is on September 6. the Czech Parliament approved tax reforms. The corporate tax will decrease from current 24% to 21% in 2008, 20% in 2009 and 19% in 2010.