WSE avoids big loss in the eleventh hour

20-02-2008, 20:12

Warsaw (Puls Biznesu) – Warsaw indices were losing as negative signals came from Poland and abroad.

Before the market opened, BZ WBK and ING BSK banks as well as Agora media group presented their quarterly reports. All of them disappointed the markets. ING had net income 38 percent lower than forecast while BZ WBK’s – by 20 percent. Agora earned 10 percent less than expected. The WSE started the day in the red. WIG20 was losing even 2 percent. BZ WBK ended 4 percent down while ING BSK 8 percent down. Commodity companies were growing on increasing commodity prices. KGHM copper producer and two major fuel companies in Poland: Grupa Lotos and PKN Orlen grew. Bad news came from the USA as well.

However, the WSE ended much better than it was feared it would. WIG20 shed 0.5 percent and closed above the level of 3,100 points. The volume of trade was very low and amounted to PLN 1.3bn.

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