Warsaw (Puls Biznesu) – The flood of labor shares generated giant turnover but the funds prevented the stock from deeper decrease. It may be similarly today.
105m shares of PKO BP owned by the bank’s employees could for the first time be traded yesterday. 48,000 employees did not sell out: only 7.95m shares changed hands on Monday. The stock fell 0.5 percent only although it was losing even 2 percent during the day. Institutional investors did not let the stock fall deeper.
“Many funds have place in their portfolios for PKO BP shares. They buy all shares they can and wait what will happen next”, Piotr Zareba, managing at PZU Asset Management said.
The volume of trade was giant and constituted 40 percent of the volume generated today.
When Pekao bank and TP telecom labor shares were first listed in 2000, the shares were trading higher for several weeks.
“The employees who still have the shares and want to earn more, probably will. Look at the other banks: since July they have jumped several dozens percent. We may watch the stock weakening at first but very quickly the prices will grow again”, Piotr Kuczynski, Xelion analyst said.