And again, a record low

Alan Heath
26-07-2001, 00:00

And again, a record low

The stock market continued to slide down the abyss yesterday. After a slight recovery yesterday morning, traders clearly realised something was wrong and returned to the familiar pattern.

The WIG20 fell to 1,118.1, down 0.2 percent and the WIG lost 0.1 percent to 12,798.1, rates forgotten since the aftermath of the Russian crisis.

As usual it was tech stock that took the brunt losing 1.3 percent overall.

Netia however continued to crash falling to PLN15.30 losing 7.6 percent on the day and almost 30 percent on the week. The demise of Netia was caused by a report by Moody’s that suggested the company was in for a cash crisis.

TPSA was the focus of attention and in it had been placed hopes of a recovery. Tuesday’s disastrous showing on the stock market was blamed on the bill being proposed in parliament to break up the former State monopoly. On Tuesday it lost 4.8 percent, yesterday it disappointed many and slid further to PLN16.00 in very heavy trade for the market with some 36m shares changing hands. It seems that offers to buy it were of no avail. France Telecom has an option to buy a further ten percent of the company before the end of this month at PLN40 per share. Yesterday it offered PLN25. One may have thought that the cash strapped government would have bitten their hands off but it was not to be. They are standing firm, clearly realising that they have absolutely no chance of avoiding a landslide defeat in the election and so why should they collect cash for their successors.

Yesterday only 32 shares increased in value, 69 went the other way. Today does not bode much better.

© ℗
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