The Czech market once again closed up slightly in positive territory, although investor activity was concentrated among just a few names. Erste's new shares started trading in Prague on Friday. We saw heavy volume both in Prague and Vienna. Komercni saw some short covering from institutional accounts, erasing recent gains. We believe most of the shorts were opened on the back of the CZK rate cut expectations and later, on the Hungarian outlook downgrade. None of these two events sparked heavy selling. CEZ trades back above CZK 800 and, we believe, will undergo some further consolidation. In the days to come, we expect Warburg Pincus will offload its remaining stake in Zentiva.