Strong profit taking occurred toward the close yesterday, bringing the PX-50 down 0.20%. Zentiva outperformed the market - despite the recent bloc sales of shares from Warburg Pincus to Czech PPF, the stock was well supported from London accounts. We have also increased our target price and investment recommendation to BUY. Later on in the day, comments from PPF (which acquired 13%) about further potential to raise its stake in the pharma helped to sustain levels. Ongoing demand for CEZ brought the stock to another all-time high of CZK 720 per share. Cesky Telecom returned below CZK 460 on foreign supply as some of the accounts retrieved shares from Telefonica‘s tender bid on 19 September and are now selling at higher market prices. We think more investors are currently inclined toward profit taking and we can therefore expect trading in the red throughout the day.