CNB raises rates by 25bps to 3.25%. We see the unexpected rise , second during two months, as slightly negative for companies operating on Czech market, especially, real estate companies. Companies like CEZ, (278 CZK, 0,25%), (1 172 CZK, -2,05%) , PMCR, O2, (1 821 CZK, 1,05%), (1 439 CZK, -1,30%) are expected to be less affected to rise of rates compare to real estate companies. In the past we have seen (4 248 CZK, 0,90%) to be resistant to the increase of rates; therefore we assume that will show the same behavior this time as well.