Indices grow on the Warsaw Stock Exchange but the blue chips average still needs to increase over 3 percent to rebound after the Black Tuesday.
Today, the WIG20 index ended 0.54 percent at 2,852.57 points. However, the index has not rebounded after losses suffered on Black Tuesday on January 31st. It still needs to grow by over 3 percent to reach 2,940 points, the level achieved prior to the slump.
The distance is not big, however investors are not very active so it may take a little bit longer. The Warsaw Stock Exchange behaves in line with its Western European counterparts, which remain nearly unchanged since they hit new records in the first days of February.
Bioton insulin producer added 1.75 percent to PLN 17.4 (EUR 4.5) after “Puls Biznesu” said it was the Best Listed Company in the year 2005 according to the poll of Pentor agency. KGHM copper producer rose over 1 percent to PLN 75.3. It would have been more hadn’t it been for the fears that the company’s employees may strike to demand higher wages. Bank stock was disturbed by the news that the Polish government filed a suit to the European Court of Justice against the decision of the European Commission over the merger of Pekao and Bank BPH. Pekao, PKO BP and Bank BPH resisted the upward trend. Agora media group fell 1.6 percent to PLN 61 for the worst performance among blue chips after DI BRE Bank lowered its recommendation for the stock to ‘reduce’. GTC developer jumped 5.5 percent to PLN 229 for the best performance today. Shareholders expect good four quarter results.
Elektrim jumped 43.3 percent to PLN 4.86 after press reports that the company is close to reaching a compromise with Vivendi over PTC. Vivendi would have the 48 percent stake in PTC, while Elektrim could get funds to pay back bondholders plus several million dollars to run operations.
(PLN 1 = EUR 0.262)