Czech market corrected Monday’s sharp gains, though we think selling was again a profit taking rather than change in the long term upward trend. Cesky Telecom leads the day’s laggards with 1.6% drop after we have cut our recommendation to Sell from Hold. Komercni continue to be demanded throughout the day, however buyers pulled bids after whole region started coming off and appeared back at CZK 3.630 level. Erste banks traded 3x the average volume in Vienna, after it announced expected EUR 2.75bn capital increase. Erste Bank trades ex-rights today with global offering launched today through 26 January, with pricing on 26 January. We expect similar trading today with some profit taking prevailing buying interest.