The PX-50 index continued to hit all-time highs after it closed at 1161.20 points, or up 1.2% on the day. CEZ broke well above CZK 400 on mixed buying. We saw better than average activity across the board despite the US being closed for a holiday (trading is generally slow). Unipetrol was star of the day, also establishing a fresh record high ahead of expectations of its FY 2004 report release. A lack of sellers and ongoing appetite from retail accounts helped push the stock higher by almost 8.7% to CZK 153 at the close. Released figures for 2004 well exceeded our estimates and we expect further positive perception in days to come. Cesky Telecom again traded in a narrow range as the market seems to be positioned for any privatisation related news - however, carefully watch any news relating to the future of the current government coalition as there may eventually be the risk of a Cabinet collapse and a consequent delay of the sale of the state’s 51% stake. We, though, think that the Social Democrats may be pushed into a minority Cabinet, but this would not endanger the continuation of the privatization. Komercni gained on mixed demand ahead of its FY2004 release on Feb 28. For today we expect the positive mood to continue and we see very limited interest in reducing positions on our market.