Prague equities dropped a further 0.54% (PX-50 index) as investors continued the heavy sell-off of Cesky Telecom (down 2.47%, at CZK 632.50) and Komercni (down 1.17% at CZK 831.10). Other stocks moved sideways, but the selling was not as strong as in Telecom and Komercni. Most of the flow came from market makers, both in London and in Prague, and there were a number of people doing a stop-loss in Cesky Telecom. We do not foresee any large buyers or positive news that might help counteract the current bearish trend. Trading volumes reached a decent USD 26 mil. on Thursday.