The Czech market gave up 0.39% of its value yesterday, its second consecutive weak session. Trading continues to be in lower than average volumes. Cesky Telecom fell below CZK 500 despite a strong earnings report from peer Magyar Telekom. London supply pushed Komercni banka lower again, while domestic sellers were mostly behind the weakness in CEZ. Orco gained after an announcement that a group of investors lead by Morgan Stanley acquired a 4% stake in the company. Today we are ahead of more earnings reports in Hungary but expect no change to the recent trading pattern.