(Milan Procházka) The PX-50 index was down again on Wednesday, as it lost 1.97% to 358.40. The decline was once again led by the heavyweight Czech equity, Cesky Telecom. Cesky Telecom lost a further 6.89%, to CZK 248.70, trading as low as CZK 234.40. More than 1 mil. shares changed hands. We believe the market is overreacting to the recent news on the Eurotel acquisition and Eurotel’s application for a CZK 6.7 bil. UMTS license, and that the overreaction is being supported by the poor sentiment toward US and European telcos. Ceske radio followed suit, losing 5.44% to CZK 335.50, but there was a buying flow at CZK 330 level. Total volume reached USD 15.81 mil. on Wednesday. After Wednesday’s US markets’ decline, we expect the market here to follow European indices lower today