(Milan Procházka) The PX-50 index lost 1% to 365.60 on Tuesday. The session was marked by Cesky Telecom slipping to CZK 250 per share, a price not seen since December 1995. A strong sell-off was initiated by reports that Cesky Telecom’s Eurotel subsidiary had bid for a CZK 6.7 bil. UMTS license (the market had expected that the existing wireless operators would not participate in the tender at this price). Other names traded largely sideways, only Ceske radio had a strong buyer and more than 240,000 shares traded. Total market volume reached USD 15.4 mil. on Tuesday. We believe that trading could calm down a bit today; the Czech market will look for direction from major European indices and to intra-day volatility of US futures.