The PX-50 index closed up 0.28%, with the main activity once again concentrated on Cesky Telecom and CEZ. Cesky Telecom closed flat on the day despite the Prime Minister’s upbeat comments relating to the 51% stake sale and the expectations for the full year results due end-February. Buyers eventually stepped into the market in the late afternoon, but bidding was very price sensitive. CEZ continues to trade on expectations relating to the 16% stake potentially hitting the market. We think stock overhang is not fully priced in and expect further downside. Unipetrol was lifted on aggressive retail demand and stock trades with a substantial premium to the 63% stake priced at CZK 99.60. We think retail investors are now looking beyond PKN’s obligatory buy-out and hoping for thorough restructuring within Unipetrol and more encouraging financial results in quarters to come.