Erste bank saw profit taking with the stock dropping 2.66% on the back of no news. We believe the weakness is driven primarily by investors locking in recent gains. Even speculation about KBC entering into talks about the Erste takeover did not provide any intraday gain as the market sees such a transaction as highly unlikely. Orco on the other hand benefited from the upbeat outlook of its polish rival GTC and added some 2% on the day. Unipetrol continues to be well bid by domestic accounts, awaiting any news flow relating to the PKN buyout and future strategy. Cesky Telecom traded in the CZK 412-416 range ahead of privatisation; we think stock may come under pressure today as Vodafone is rumoured to be planning an entry onto the domestic market. Komercni weakened after locals started expecting a 50 bps cut by the end of the month.