Poland: Investors fail to buy shares on Monday

APA - Austria Presse Agentur
opublikowano: 16-05-2005, 18:19

Warsaw (Puls Biznesu) – Investors were not very active today. Shares of blue chips worth only PLN 180 m (EUR 42.8 m) changed hands, the second worst result after the session on May 2nd, when long weekend was the reason for very poor trade. Polish stock exchange GPW followed Western European markets, where falls were noted.

Warsaw (Puls Biznesu) – Investors were not very active today. Shares of blue chips worth only PLN 180 m (EUR 42.8 m) changed hands, the second worst result after the session on May 2nd, when long weekend was the reason for very poor trade. Polish stock exchange GPW followed Western European markets, where falls were noted. Polish currency zloty continued falls against euro and U.S. dollar, a sign of foreign capital being withdrawn from the market.

On the other hand, investors were not eager to sell their shares. PKN Orlen fuel giant and PKO BP bank boasted very good results just before trading started. PKN Orlen had net income higher than analysts’ estimates but sales were lower and shares rose only 0.2 percent. PKO BP did not change, because its first quarter results were expected. Poland’s biggest bank had PLN 416 m of net income. April inflation data (3.0 percent) did not change the market, either, as economists expected it to fall to 2.9 percent from 3.4 percent in March.

Shareholders of smaller companies had a more interesting day, though. Arksteel and Gant jumped nearly 40 percent. Redan and Getin were on the other side. Redan, Poland’s clothes producer, dived 20.3 percent after the company said it had earned PLN 10.2 m last year, and not PLN 15.15 m as it had said before, and had a net loss in the firs quarter of PLN 4.5 m. Getin fell 9.4 percent.

(PLN 1 = EUR 0.238)

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Podpis: APA - Austria Presse Agentur

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