Bearish market in Warsaw again

13-03-2008, 20:01

Warsaw (Puls Biznesu) – The Warsaw Stock Exchange opened poorly on bad news from the US markets which yesterday in the afternoon started to fall after optimism on Fed’s decision had evaporated. In  addition, Carlyle Capital private equity fund worth USD 15bn went bankrupt.

Today, Asian markets decreased substantially on the further decrease of the USD/JPY exchange rate which adversely affects Japanese economy focusing on exports. That’s why Warsaw indices opened down, dived during the day and the WIG20 index fell below 2,900 points. Then, indices remained nearly unchanged while the volume of trade was very low.

Bad news kept coming all day long. US dollar fell to EUR 1.56 while commodities prices, including gold and oil, were growing. In the afternoon, US retail sales, much worse than expected, were published. WSE fell to new lows but it managed to rebound slightly following a similar move in the USA. WIG20 ended 3.1 percent down while the volume of trade amounted to PLN 1bn. TP telecom was the best performer with 1 percent decrease. Banks and commodity companies were losing. BZ WBK fell over 5 percent on the news its re-branding would be costly. It does not look like foreign capital is coming back to Warsaw despite the fact that HSBC analysts recommend to overweigh Polish shares. Tomorrow, the WSE may rebound following US indices.

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Inne / Bearish market in Warsaw again