Poland: Even 50 points rates cut does not help the market

APA - Austria Presse Agentur
27-04-2005, 19:59

Warsaw (Puls Biznesu) – The Polish stock market continued falls on Wednesday. The WIG20 index fell to 1,876.53 points, or 1.83 percent after it had lost 1.07 percent on Tuesday. Shares of blue chips worth PLN 304 m (EUR 71.7 m), or 18 percent less than yesterday changed hands. WIG20 was at similar level in January. Since its peak reached on 25th February, it had shed 11.

Warsaw (Puls Biznesu) – The Polish stock market continued falls on Wednesday. The WIG20 index fell to 1,876.53 points, or 1.83 percent after it had lost 1.07 percent on Tuesday. Shares of blue chips worth PLN 304 m (EUR 71.7 m), or 18 percent less than yesterday changed hands. WIG20 was at similar level in January. Since its peak reached on 25th February, it had shed 11.5 percent.

Even good news from the fiscal market did not help the bourse. The Monetary Policy Council cut interest rates by 50 base points, more then economists expected. The Polish currency zloty appreciated but it helped the stock market for a while only.

Yesterday KGHM copper producer was the only company which did not fall. Today it made up and lost 2.6 percent. TPSA telecom joined it in the last minutes of trade and shed the same. PKO BP bank and PKN Orlen fuel giant lost over 2 percent while Pekao bank dived 1.9 percent. Softbank IT company, the worst performer yesterday, stopped falls and ended the day unchanged. Prokom IT integrator rebounded 1.9 percent.

Elektrim’s shareholders had the best day. Shares rebounded after it was announced that Vienna arbitrary court rejected all suits filed by Deutsche Telekom concerning renewing arbitrary proceedings. The IPO of AmRest, the owner of fast-food restaurants was not very successful. Shares ended the day at the issue level of PLN 24.

(PLN 1 = EUR 0.236)

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Podpis: APA - Austria Presse Agentur

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