The PX-50 index gained 0.53 % after investors realized the market might have been oversold during its recent weakness. Erste Bank and CEZ were the market leaders. We think some funds returned to Erste after rumors that the upcoming IPO of Raiffeisen International is heavily oversubscribed and allocations are to be heavily cut. Cesky Telecom stayed in the CZK 441.50-443 range; while the stock was a touch weaker, it still managed to outperform its regional peers Matav and TPSA, which both posted sharp losses on the day. We expect a further upswing of the broad market today with CEZ again the market leader.