The stock market fell once more on Friday, on SPAD volume of USD 14 mil. Cesky Telecom was under intense pressure, losing 3% on good volume; the stock is now down 45% from its high in late March. International investors were selling other big names too, namely CEZ and Ceska Sporitelna. Local retail is still more on the buy side, but is showing signs of exhaustion. Repeated delays in the privatization of the big stocks are simply not doing the market any good.