Warsaw (Puls Biznesu) – The WIG20 index lost 2.28 percent to 2,842.63 points on Tuesday.
The weak session was expected after poor trading in the Wall Street, falls in Eastern stock markets, decreases in Western Europe, the depreciation of Polish zloty and Hungarian forint as well as BUX shedding. The WIG20 opened 0.75 percent down, then it was losing even 100 points, or 3.5 percent. In the afternoon, however, the index rebounded and ended at 2,842,63 points, or 2.28 percent down. The volume of trade reached PLN 905m, and was 70 percent higher than on Monday.
None of the blue chips avoided losses. Orbis hotel operator lost the least – only 0.46 percent to PLN 43.3. Very good quarterly results published several days ago helped the company. GTC homebuilder shed 4.85 percent to PLN 265 for the biggest loss among WIG20 companies. Among giants, PKN Orlen fuel company and KGHM copper producer dragged the market down. Copper inventories rose by over 2 percent to the highest level since June 2004, according to the data of the London exchange. Copper prices in London fell over USD 100 to USD 4,767 a ton. Pekao bank and PGNiG gas monopoly ended above the 20 share average as they have done recently. After the closing bell, CA IB published its “buy” recommendation for PGNiG with the target price of PLN 4, up from PLN 3.9. The stock fell 1.16 to PLN 3.4.