The Czech market saw a second consecutive day of profit taking yesterday, with both CEZ and Komercni the targets of sellers locking in recent gains. There were number of sell programs on the market which pushed the index down by 0.5% but had a severe impact on CEZ and Komercni, losing 1.5% and 2.5% respectively. There was little genuine buying in the market, with most of the bids coming from short sellers closing positions. Erste bank shot up; strength was apparent on the Austrian trading line. Cesky Telecom broke below CZK 456, the tender bid price offered by Telefonica. For today we expect consolidation and believe that CEZ, though volatile, will eventually consolidate at levels close to CZK 630.