The Prague bourse added a powerful 2.71% yesterday and once again set a new all-time high. The gain follows strong inflows into both domestic and international dedicated funds. The market continues to trade with higher than average turnover while lacking any relevant underlying news. The market seems not to be shaken by the current political situation in the Czech Republic though we believe that even a change in the Cabinet would have very little material impact on individual shares in Prague. Only Cesky Telecom is sensitive to this situation with regard to its ongoing privatisation, but recent reports indicate that there is little risk of the sale being delayed or cancelled. We expect similar trading in days to come; long funds will be the main force behind the growth.