Poland: PKO BP dominates the stock exchange

15-11-2004, 20:08

Poland/Stock market report

Warsaw (Puls Biznesu) – The WIG20 index fell 0.03 percent to 1833.29 points but record has been hit as far as the volume of trade is concerned. Shares of PKO BP worth PLN 2.8 billion (EUR 658 million) changed hands, nearly 6-fold the amount for the rest of 217 Polish listed companies. The all time’s record set on February 9th 2000 was hit after 40 minutes of trading. The IPO of one of the largest Polish bank was very strong – the price grew 13.2 percent.

The blue chips remained weak. KGHM shed 1.6 percent following falling copper price in London and despite promises of increasing net income to PLN 2 billion in 2005. PKN Orlen fuel giant lost, too, and shares worth PLN 113 million changed hands. TPSA telecom was doing badly because the telecommunication authorities had decided an access code of TPSA’s competitor Tele2 could be used. If other operators follow the suit of Tele2 the largest telecom will lose PLN 20-40 million a month.

The worst performer among the WIG20 companies was Budimex. The construction company’s net income in the third quarter slid 89 percent in comparison with 2003.

Among smaller companies, Stalprofil grew after it announced it had a contract worth EUR 12.5 million. Groclin lost because the consolidated net income fell 13 percent. Grupa Polifarb disappointed investors – its net income fell 50 percent. The shares lost 7.3 percent in exchange.

(PLN 1 = EUR 0.235)

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Puls Inwestora / Poland: PKO BP dominates the stock exchange