The PX-50 index gained 0.37%, while Komercni banka and Philip Morris were the day’s top performers. There was no relevant news behind the positive results of these two names. Cesky Telecom was the most actively traded stock, giving up 0.60% of its value as the deadline for preliminary bids expired yesterday afternoon. The latest reports from Reuters suggest bids reached almost USD 3bn or CZK420 per share, which is according to our expectations. However, we think we may see some weakness as some may have expected a premium on the market price. The downside is limited, though, and any substantial weakness represents a buying opportunity.