Komercni and Erste were sold off by mostly international accounts. Unipetrol and Zentiva declined on mostly domestic selling and only CEZ was aggressively lifted toward the end of trading yesterday. We expect intraday volatility to decrease following the increase in maximum spread as of today to CZK 4 from CZK 2; however the medium- to long-term change is irrelevant for the stock performance. CME starts trading in Prague today; we expect most demand for the stock to originate from domestic accounts but think that the market is already positioned for the placement and there is only little chance that stock will see a significant capital inflow on the back of the listing, which we consider as a purely technical, not fundamental, issue for the share.