Warsaw (Puls Biznesu) – Nearly all gains achieved during the day were lost in the afternoon when data on foreign investment inflow to the US were published. it turned out that USD 91.5 billion (EUR 68.5 billion) was invested while analysts had expected USD 50-75 billion. The dollar appreciated against euro and zloty. The forex market adversely affected stock market. WIG20 fell 10 points and ended the day only 0.07 percent up at 2,013.09.
At the end of the month, however, the Monetary Policy Council convenes and it will probably lower interest rates by 50 base points. It is nearly certain after inflation data were published on Monday stating that CPI in February rose 3.6 percent while forecasts estimated it would be 3.8-4.1 percent. Expected interest rates cuts may help shares advance in the near future.
PKN Orlen fuel giant shed 1.5 percent while shares worth nearly PLN 90 m (EUR 22.6 m) changed hands. All WIG20 shares worth only PLN 370 m changed hands on Tuesday. TPSA telecom rose 0.5 percent after it lost 3.3 percent yesterday. Stalexport, Orbis and Mondi were among the best performers in the blue chips league. BRE Bank shed 1.1 percent, probably not because resignation of its deputy CEO Anton Burghardt but just because on Monday the shares rose to their highest level since April 2002.
Plast-Box was the best performer today. Shares added 15.7 percent after the company said that its main shareholders are negotiating to sell stock to a big outside investor. PKO BP analysts estimate they will sell their shares for at least PLN 35, which means that they will grow by nearly 40 percent in the near future. Jelfa pharmaceutical producer gained because its shareholders, including the Treasury and PZU, have agreed to sell jointly a stake of 46.7 percent of the company.
(USD 1 = EUR 0.749)
(PLN 1 = EUR 0.251)Poland/Stock market report