Hard times for bulls on the Warsaw Stock Exchange

APA - Austria Presse Agentur
25-05-2006, 07:00

Copper prices were again the main factor influencing the stock market. They fell, so did the WIG20 index.

Copper prices were again the main factor influencing the stock market. They fell, so did the WIG20 index.

Copper, which yesterday jumped 11 percent, today was losing even USD 700 a ton. KGHM copper producer dived 6.1 percent to PLN 100.5 after yesterday it had gained 9.5 percent. The stock worth PLN 345m changed hands. The company dragged down the market. KGHM stock constitutes 14.88 percent of the portfolio of WIG20. The 20-share blue chips index lost 4.09 percent. In just nine days since May 11 when its recent height was set, the index withdrew 16.5 percent, the highest downward rate in over three years. The volume of trade amounted to PLN 2 billion.

Lotos fuel company was the only blue chip to resist the downward trend. The stock ended unchanged at PLN 47 thanks to the news that the company again starts buying light oil from Norway, which means the diversification of sources. Hungarian MOL dropped 8.1 percent, PKN Orlen 1.9 percent while PGNiG 3.2 percent. Boguslaw Marzec, the CEO of the gas monopoly, said that the company would go bankrupt unless it is allowed to raise the price of natural gas.

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Podpis: APA - Austria Presse Agentur

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