Despite heavy selloffs on major European bourses and despite weakness in Poland and Hungary, the Prague PX-50 index closed only slightly off yesterday, down 0.24% at 498.4 points. As expected, Cesky Telecom tested the 500 level, fell through it, but recovered and now seems to be resistant, at least for the time being. We saw a couple of foreign buyers in small sizes between CZK 501-505. The stock traded as low as 494.5. Ceske radio saw a big and aggressive seller for the third day in a row, but again, the CZK 1,500 level seems to have sufficient strength; large domestic funds bid on the stock in front of this level yesterday. On the other hand, Czech banks are enjoying a relatively good period; both banking stocks ignore outside developments and seem to trade on: privatization prospects in the case of Komercni, and turnaround potential in the case of Ceska sporitelna. Total volume reached USD 14.2 mil. on Wednesday.