Czech stock market fell further and all blue chips closed in red. CEZ dropped despite reporting better than expected 1Q06 results. Net income reached CZK 10.4bn versus consensus CZK 9.2bn, company upgraded its 2006 forecast. Philip Morris was heavily sold-off by international accounts and sank to CZL 12,000 level where found support on no news. Komercni banka (KB) was offered by brokers and we saw short covering towards the end of the session. KB trades with dividend right of CZK 250 till 23.5.2006. Cesky Telecom was sold by foreign players and declined to CZK 480 level. Zentiva eased hit by negative sentiment. Volumes were well above YTD daily average.