Falling oil prices support the WSE

MAG
23-07-2008, 20:27

Warsaw (Puls Biznesu) – The WIG index exceeded the level of 40,000 points while the WIG20 index managed to beat 2,600 points reached at the end of June. Now it will try to exceed 2,700 points. This could break the 10-week-long period of downward trend on the WSE.

The WSE opened up after the US markets had closed high on Tuesday and oil prices had fallen. Agora media group jumped 11 percent after it had rebounded 5 percent yesterday. TVN TV broadcaster which yesterday had risen similarly, added 6 percent today. KGHM copper producer was dragging the market down. Investors were discouraged by falling copper prices and problems with trade unions demanding raises. In addition, Unicredit issued a lower recommendation for the company.

mWIG40 did even better than the 20-share blue chips index. Azoty Tarnow chemical producer which may build a new production line and double its capacity of fertilizer production, gained nearly 10 percent. Bioton insulin producer gained 7 percent. Trakcja Polska rose nearly 10 percent on the news it had won a tender to modernize railway system, a contract worth PLN 64m. Companies from Roman Karkosik group continued their rebound. Hutmen jumped over 10 percent. Impexmetal and Boryszew added 4 percent each.

As many as 70 percent of companies listed on the WSE ended up.

© ℗
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Puls Inwestora / Falling oil prices support the WSE