Interest low on shares

Alan Heath
09-03-2001, 00:00

Interest low on shares

There was a lack of people prepared to risk money on the Warsaw stock exchange yesterday. By close the main WIG20 index was down 0.5 percent on the day.

Most eyes were on power and telecommunications giant Elektrim to provide a ray of hope but there was no good news on its proposed USD180m deal with Deutsche Telekom to encourage the markets. The company could only extend the deadline for the signing of the contract.

Trading in shares of Bank Slaski was suspended following an offer by the Dutch ING to buy stock at PLN265 — some 16 percent more than market value. The company was given permission by the banking commission to increase its stock from the current 55 percent. It hopes to acquire as large a share as possible which will be reduced to 75 percent in two years time. It says that it will leave the company quoted on the stock market.

The forecast for the market can only be pessimistic as interest rates remain high which encourages PLN to stay very strong and foreign markets fail to provide any moral support.

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Podpis: Alan Heath

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