The PX 50 index closed down 0.23%, with Unipetrol falling over 3% on the day following a sell recommendation from an international broker. Zentiva, on the other hand continues to benefit from our recent upgrade to buy, and the stock still offers almost an 9% upside to our target price. Strong results from the Hungarian pharma producer Egis may also have been a positive stimulus for the stock. Cesky Telecom traded below CZK 400 with some sizeable supply from London; the stock found bottom at CZK 395. Even though there is no news with negative implications for the share price, we think current sellers are now exiting the stock because there is no near-term catalyst for recovery (binding bids are due end-March). We continue to favour Cesky Telecom and expect a sharp upward move of the stock price as the deadline for binding bids approaches again. CEZ set a new all time high again on no news.