The PX-50 index closed down 0.39%; volume continued to remain below recent average levels. Investors were focused on the debut of Raiffeisen International, which hit market yesterday. The USD 1.1bn deal was 22x oversubscribed. RI closed 27% above its subscription price. Upbeat sentiment in the share price helped the Hungarian OTP to rally over 4% on the day; Komercni however failed to follow. We think investors are already positioned ahead of Thursday‘s AGM - we continue to believe Komercni may surprise with a higher than expected dividend. The new Cabinet appointments had no effect on the market.