The main activity was concentrated on Cesky Telecom with several large block trades at CZK 385 level. Both demand and supply of the stock originated from abroad. CEZ was the only stock to close in a positive territory yesterday as markets discounted CEZ would be short-listed bidder for the 3 power plants in Bulgaria. Even though potential victory of the Bulgarian assets would not have substantial impact on CEZ as such, it would re-confirm its successful acquisitions track record. Zentiva continues to be well supplied by London accounts. Unipetrol was untouched after PKN said recent reports on upping its bid for the Unipetrol stake are exaggerated. We think interest will be once again concentrated on Cesky Telecom as privatisation related news flow nears. As for trading, we expect CZK 385-395 range unless any privatisation related news occurs.