Thursday's trading in Prague was centered on Komercni banka, which dominated trading (approx. 212,995 shares changed hands) and drew greater interest from London brokers. It must be speculation on the privatization selling price that is driving the stock, since from the fundamental point of view, KB already trades with a P/BV premium to its regional peers. Cesky Telecom stood largely outside investor interest yesterday, with only 113,900 shares traded—even Philip Morris CR, formerly known as Tabak, exceeded Cesky Telecom in terms of volume. CEZ rose 2.12%, to CZK 112.74, as was generally expected. We still believe that there is momentum in the stock and that the title will enjoy further upside in the near term. For today, we expect a flat market opening, with the focus again on Komercni. Total volume yesterday was USD 15.92 mil.