The Czech market closed slightly lower on average volume. CEZ, Telefonica O2 CR and Zentiva were the most actively traded stocks. Both developers, Orco and EMC, were under pressure as JPM downgraded European property stocks to “underweight” from “neutral”. Moreover ING cut Orco’s recommendation to “hold” from “buy”, but increased its target price to EUR 129 from EUR 115 per share. Erste Bank declined more than 2% after bank announced its 1Q07 results, which did not impressed investors. CEZ finished stronger by 1.3% and closed above the CZK 1,000 level again. Telefonica O2 CR increased on support form international accounts.