The sharp fall on emerging markets affected the Prague bourse heavily, with the PX-D index falling 4.7% as CEZ, Unipetrol and KB all lost more then 5%. All stocks closed in the red on huge international selling pressure across the whole board. CEZ declined below CZK 700 even though the CEO said the company was raising its 2005 profit projection due to strong crown. Zentiva declined 4.5% to sub-1100 levels following negative developments in Hungarian pharmas. Unipetrol closed down 7.5% as it did not win the tender for 70 Aral stations. We would expect further weakness to come today as the Latin American emerging markets slumped significantly overnight.