The PX-50 index dropped 0.5% with Cesky Telecom leading yesterday’s decliners by falling over 1.1%. Support for the stock was seen at CZK 415. We think Cesky Telecom will continue trading in the CZK 415-425 range unless we get more indications on the bidding process for the government-held 51% stake. Komercni dropped 1% after a series of downgrades by two London houses, Erste Bank will open weaker today following a downgrade released yesterday evening. Orco will enter the Prague stock exchange and will be parallel traded on the PSE and Euronext, with index inclusion expected for Feb 7. Orco closed up 1.60% yesterday at EUR 40.89, implying approx. CZK 1,231 parity, though this may change as Euronext opens 30 minutes ahead of the local opening in Prague. Unipetrol was once again lifted by domestic accounts while the story in the stock remains unchanged - no fresh information was released.