Warsaw Stock Exchange investors are nervous on weak U.S. data

26-03-2007, 21:00

Warsaw (Puls Biznesu) – Main indices in Warsaw ended down after the number of houses sold in the USA was much lower than expected.

The number of houses sold in the USA amounted to 848,000 while 900,000 was expected after the month earlier the level was the lowest since February 2003. Investors remembered Alan Greenspan’s warning about recession and the U.S., Western European and the Polish market ended down.

WIG managed to exceed the 57,000 level for the first time in its history but ended down as well. The WIG20 index lost nearly 50 points in the last 30 minutes of trading and closed 1.35 lower. However, the end of the first quarter promises window dressing and increases on the world stock markets.

PKN Orlen was the only giant (there are five of them) to resist the downward trend. The stock rose 0.3 percent to PLN 45.6. Orlen said it would spend PLN 1 billion to develop its underground storages of oil and gas in IKS Solino. Polimex construction company rose to its new record of PLN 202 after the stock added 1 percent. TP telecom dragged the indices down. The stock dived 5.5 percent to PLN 23.3 after it had risen to the highest level since February 26th on Friday. TVN media group lost 4.9 percent to PLN 26.41.

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Inne / Warsaw Stock Exchange investors are nervous on weak U.S. data