Politics and commodities lead WIG20 down

APA - Austria Presse Agentur
13-02-2006, 19:25

Warsaw (Puls Biznesu) – The WIG20 index ended 0.85 percent down at 2,768.02. The trade today was influenced by the following factors: falls in commodity prices, which caused decreases of KGHM and fuel companies, higher than expected quarter results of TP telecom and the threat of the dissolution of the Parliament announced by the President.

Warsaw (Puls Biznesu) – The WIG20 index ended 0.85 percent down at 2,768.02. The trade today was influenced by the following factors: falls in commodity prices, which caused decreases of KGHM and fuel companies, higher than expected quarter results of TP telecom and the threat of the dissolution of the Parliament announced by the President.

TP telecom reported higher than expected results in the morning. It had PLN 512m of net income in the fourth quarter, or PLN 12m less than a year earlier but more than PLN 477m forecast by analysts. Shares rose 5.8 percent to PLN 23.8. Commodity companies were dragging the index down, including PKN Orlen, Grupa Lotos and KGHM. Copper inventories monitored by LME, the metal stock exchange in London, New York and Shanghai, rose by 30 percent. KGHM was losing even 6.6 percent during the day and fell to their lowest level since the middle of January. Then the stock rebounded but it has lost 19 percent since the beginning of February already.

In the afternoon, President Lech Kaczynski said he was close to decide to dissolve the Parliament. He will announce his decision at 20.00 p.m. The WIG20 dived 40 points and ended 0.85 percent lower than on Friday.

Bioton insulin producer lost 6.7 percent to PLN 15.25 for the worst performance among blue chips. The company has lost over 23 percent since January 24 when the stock stopped its winning streak. GTC developer lost nearly 2.4 percent. Last Thursday the company reached its all time record of PLN 238. Mostostal Zabrze construction company jumped 10.7 percent for the best performance in the WSE. Last week, the company’s shareholders gained 54 percent. Tomorrow the court may approve of a settlement.

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Podpis: APA - Austria Presse Agentur

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