Things may only get worse

Alan Heath
12-07-2002, 00:00

Despite good results reported by companies such as Wall Mart, Yahoo and Eastman Kodak, the Nasdaq retreated to its lowest point for five years as whiffs of more corporate scandal fouled the air in New York. When the markets opened in Europe some ten hours or so later, it could only be down. The French CAC40 lost more than three percent, the German DAX almost two.

In Poland there was nothing to be happy about. To compound the problems from the USA, there are local ones. Lack of leadership at the top being the main point of concern for investors as no clear indication of forthcoming financial policy is anywhere to be seen.

The WIG lost 1.7 percent to fall to 13,749 points and the WIG20 two percent to crash to 1,172 points. It is fair to say that the Polish stock market has now lost half the gains it made after its amazing rally at the turn of the year.

IT shares did particularly badly and the computer sub-index took a three percent knock. Major losers include systems integrator Computerland which lost five percent, retailer and new entrant to the bourse Kruk down six percent and leasing company EFL down ten percent. Construction companies Mostostal Export and Mostostal Zabre lost ten and fourteen percent respectively.

The currency markets saw PLN gain a little. It is likely that the Polish currency will strengthen somewhat in the short term, nothwithstanding careless remarks by politicians.

© ℗
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