Most down

Alan Heath
31-07-2002, 00:00

Nearly all major world markets were down yesterday as profit taking became the order of the day. France retreated 0.5 percent, UK around one percent and Germany around two percent.

In Poland, were there were no profits to be taken, investors benefited from what they may have considered to be bargains. The WIG20 gained 0.3 percent to close at 1,059 points and the WIG gained 0.1 percent to close at 12,782 points.

The most popular share was bank Pekao SA which gained 3.5 percent on a turnover of in excess of PLN100m. Following its fall on Monday caused by profits warnings, institutional investors may have seen the stock as under valued.

Another company returning into positive territory was ComputerLand which gained almost four percent on the day. Systems integrator ComputerLand, which has lost some thirty percent of its value in the past month or so, won a major contract to supply IT services to the Upper Silesian power concern GZE.

One of the major losers of the day was copper and silver miner KGHM over concerns as to the value of its telecoms subsidiary Dialog.

What will effect today's performance on the Warsaw stock exchange is the performance of American markets. Without a decline of one percent on the NYSE and 1.5 percent on the Nasdaq in the first hour of trading, Warsaw would have finished much higher.

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