There was another decline (-0.66%) in Prague on Thursday, as West European markets and US election results delays brought about a general weakening. Cesky Telecom was still, as expected, trading at around the CZK 500 level (trading in a range of CZK 490-504). There were a couple of speculative buyers bidding at around CZK 490, but we fear a further decline as Czech retail investors may continue in making stop-loss sales. Overall, Cesky Telecom lost 1.12% and closed at CZK 493.50. CEZ had another day with a good volume, almost 1.5m shares, but the selling flow was once again well absorbed by the market; the stock closed up 0.2% at CZK 92.20. In the short term, we do not expect any major recovery unless we see a major turnaround on large European and US bourses or unless there is some truly positive privatization news (Komercni?, Ceske Radio?). Total trading volume reached USD 15.3 mil. on Thursday.