The Czech market went through another lackluster session with no major price swings or liquidity flows. Only CME stood out, adding 3.4%, closing the US arbitrage gap. Komercni Banka was once again sold off by international accounts. CEZ traded in a narrow range and we believe it will move toward the CZK 850 level. In the telecom universe, we see an ongoing switch from regional operators into the Polish incumbent TPSA. Today, we expect a negative open as global markets dived into the red overnight.