The PX-50 index closed up 0.5% on Friday after CEZ managed to correct the 3.70% loss it sustained on Thursday. CEZ rallied despite no further clarification regarding the 16% stake buy-back. We will now wait until Jan 21 for further guidance. Erste Bank was under pressure from large accounts; a sell-off is likely, based on the technical view, as there was no relevant news flow. Cesky Telecom continues trading with a decent turnover ahead of the deadline for registration of potential bidders in the company’s privatization. For today, we expect further weakness by Erste Bank; Cesky Telecom will continue to trade in the CZK 385-390 range unless any fresh reports relating to the 51% stake sale appear.