The market initially opened substantially stronger on the higher closing levels of overseas markets, and though many shares sustained positive levels throughout the day, apparent selling from international accounts pushed the market back to the day’s lows toward the end of trading. Komercni banka and Philip Morris were hit worst as supplies of shares hit the market; CEZ traded very actively and with high intraday volatility - an investment recommendation upgrade from a London bank may have been another reason behind its strength. Orco corrected recent sharp drops. After talking to investors, we remain with our gloomy outlook for the rest of the year as redemptions will provide further supplies of shares. Locally, we will start positioning ahead of the Q3 earnings season that kicks off next week in Prague, with Unipetrol to report first on Wednesday October 26.