Erste’s and Cesky Telecom’s declines caused the market to close flat at the end of the day. CEZ saw strong both way flows despite electricity forward prices hit new life highs. KB was back on its way up profited from strong buy momentum, while Erste declined further 2% on placement announcement. Cesky Telecom dropped after S&P cut its rating to BBB+. For today we expect a similar scenario to yesterday’s, with a strong opening and a pull back towards the close - despite strong sessions in foreign markets, the Czech market seems to be overbought in the short term and correction of the new year’s rally is quite likely within next couple days.