The Czech market closed almost unchanged. Trading was quite dull with some activity seen towards the end of the session. The total traded volume was under long-term averages. CEZ, Zentiva and Komercni banka were the most liquid stocks. Philip Morris and Zentiva got hit before market close on strong international supply. Orco lost stream and declined almost 2% on the other hand developer ECM strengthened and it seems that some investors switched from Orco to ECM. We experienced quite lethargic trading with Telefónica O2 CR.