New low point for technology

Alan Heath
26-07-2002, 00:00

A fifteen year record rise on one day on the NYSE and Nasdaq on Wednesday raised hopes for an improvement in Europe. In Western Europe the CAC40 and FTSE made strong gains with the French market gaining more than three percent. Strong gains by the FTSE however still left it below the 4,000 points mark.

Moving into Central Europe things look less well. Germany noted a two percent fall. Warsaw was worse despite initial gains more pessimism set in. The WIG20 lost 2.4 percent to fall to 1,036 points. The technical subindex TechWIG fell by 5.4 percent to a new historic low of 383 points.

The worse effected stock in Warsaw was systems integrator Softbank as allegations were made of what may now be called Enronitis. It would seem that foreign holders of the stock wanted to get rid of their holding at any price. Gdynia based systems integrator Prokom, which owns a nine percent stake in Softbank, also lost seven percent.

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Podpis: Alan Heath

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