Elektrim, a firm born just after the second world war and one of the stars of the new economy and most traded stocks until very recently, may now be on its way out. On Friday it lost more than 25 percent of its value, falling to PLN1.28, and the stock market commission decided to suspend trading in it. Earlier in the day it had managed to sell three of its subsidiaries, Żychlińskie Transformatory, Rafako and Mostostal Warszawa, but this was not enough to stop the board applying for bankruptcy proceedings. But it was not just the fate of this Warsaw based holding which caused the market to fall. Western European markets lost an average of three percent following heavy overnight falls in the USA.
It was a week which gave some hope only to close at a point lower than where it started off. The WIG20 will start trading today at 1,069 points and the WIG at 13,054 having felt losses of 1.3 percent and 0.9 percent on Friday.