The PX-50 index closed down 0.29% after a very quiet, uneventful session. Cesky Telecom was again volume leader though trading in a narrow CZK 441-442 range. Unipetrol gained more than 2% after the EC approved the company’s takeover by PKN Orlen. We think Erste may get a boost today as the Raiffeisen IPO was priced at the upper part of the pricing range. Moreover a positive US close may bring back buyers; we expect banks in particular to be strong performers.