Czech market manged to sustain record highs as investors continue to pour their money into the long equity funds. We saw decent appetite after Komercni banka shares, one of the biggest laggards of 2005, CEZ and Cesky telecom. Significant inflows were also recorded for small and mid cap names, in real estate sector in particular. Orco gained over 1.7% yesterday and is expected to open up 3% versus last night close on closing arbitrage gap with Paris close. A US bank initiated coverage of the regional pharma sector, they recommend Overweight rating for Zentiva. We expect todays market to open up and sustain upward momentum, FOMC comments on halting US interest rates hikes will also boost emerging markets assets class.