Bearish moods on the WSE again

28-02-2008, 20:27

Warsaw (Puls Biznesu) – The WIG20 index fell below the psychological level of 3,000 points.

Institutional investors were not very active. No wonder: according to the recent estimates, investment funds’ assets remained unchanged in February in the best scenario while pessimistic evaluations say that PLN 2bn was withdrawn from the funds by the clients. This trend may continue if politicians do not decide to levy tax on investment in funds but they will levy the tax on deposits. The best deposits offer 7 percent return on investment, not much less than long-term-ROI generated in stocks.

Quarterly reports flooded the market. PGNiG’s gas producer’s results were appreciated although the net income had dropped because of a write-off amounting to PLN 1.1bn. Investors approved of high operating income dynamics. Grupa Lotos fuel company whose results were no surprise, lost over 4 percent. KGHM copper producer was weak before presenting its report on Friday. Herman, the meat producer which debuted today, opened 23 percent up.

When bad macro data came from the USA in the evening, the WSE was doomed to end down. The WIG20 closed at 2,997.17 points, or 0.86 percent down.

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