Stocks improve
The overnight news from the USA was bad with the Nasdaq down 2.6 percent and the Dow Jones losing another 1.3 percent and market watchers may have feared another bad day here in Poland where the markets on Thursday stood at their lowest point for two and a half years.
However a few good things happened.
The vastly overpriced PLN took a tumble losing five percent against the USD and 4.4 percent against the EUR.
Then pro investment treasury minister Aldona Kamela -Sowińska survived a vote of no confidence which means that a number of threatened privatisations and share sales such as those of PZU, KGHM and PKN Orlen amongst others are now likely to go ahead.
The markets had lost ten percent since the Tuesday before last but Friday saw the WIG20 up by 2.3 percent at 1,219.1 points and the WIG standing at 13,579.7, up 1.7 percent. Technical stock also recovered noting a 4.4 percent improvement on the day. Sixty nine stocks improved in value whilst 29 took a cut. Turnover was also significantly up at PLN257.1m One of the best performers of the day was copper and silver miner KGHM whose products are mainly exported and will do much better now that the PLN is weaker.