The market witnessed a volatile session after aggressive sellers in the morning hours turned into sizeable buyers toward the close of the day. CEZ dropped to CZK 390 again but then managed to gain almost 6.50% on the day, back above the CZK 400 level. Volume was again substantially above average. A similar pattern occurred in the case of Komercni banka, which gained some 3.50% on the day following an almost 3% drop in the morning hours. We think that the sharp rebound was a result of the currency’s strength as there was only a limited amount of underlying news. Cesky Telecom seems to be breaking through CZK 400 as the deadline for binding bids for the 51% stake nears (March-29)