Going to get worse
It had been hoped that the holiday period would have been one where the falls on the stock market stopped. It was not to be. At the beginning of the month the WIG 20 was trying to break through the 1,200 mark. Now it is heading for triple figures. And one of its last bastions, Pekao SA, is being deserted by its foreign backers.
On Friday the WIG20 fell by 1.6 percent to 1.062 points. Getting below the 1,000 points mark is now only a question of time. The WIG also fell under 12,000 points to 11,986, a drop of 2.3 percent on the day.
Things could have been better if the government had agreed to the offer of France Telecom for PLN20 per share in TPSA. Of course this is only an unconfirmed rumour but it did help the stock increase in value temporarily.