WSE: Window dressing pushes Warsaw indices up

APA - Austria Presse Agentur
opublikowano: 27-06-2006, 18:41
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Warsaw (Puls Biznesu) – Tuesday increases on the Warsaw Stock Exchange could be expected after foreign markets started their upward trend and oil prices increased. However, the scale of the increase in Warsaw was so big that it could be only because of window dressing before the end of the second quarter.

Warsaw (Puls Biznesu) – Tuesday increases on the Warsaw Stock Exchange could be expected after foreign markets started their upward trend and oil prices increased. However, the scale of the increase in Warsaw was so big that it could be only because of window dressing before the end of the second quarter.

The volume of trade jumped dramatically. Shares of blue chips worth over PLN 1.25 billion changed hands, or 215 percent more than on Monday. The stock giants attracted most attention, a clear sign that foreign investors were trading. PKO BP bank jumped 8.2 percent to PLN 37 despite the fact that its CEO Andrzej Podsiadlo who was highly estimated by investors resigned. Pekao bank jumped even higher – by 10.5 percent. KGHM soared 3.6 percent to PLN 96.9 although the copper was depreciating. PKN Orlen fuel giant ended 6.9 percent up at PLN 52.4 after it said (for another consecutive time) that its second quarter results would be “substantially better”.

Among smaller and medium-sized companies, Stalexport rose 15.3 percent on the news that it had gained a foreign investor: Italian Autostrade S.p.A. The company will acquire 34.15m of newly issued shares, or 21.7 percent of the equity. In the future, the statke will grow to 50 percent plus 1 share of Stalexport. Lubawa was one of the worst performers with 5.8 percent dive. The Securities and Exchange Commission KPWiG withheld its public offer for the first time in the history of the Warsaw Stock Exchange. The reason: Lubawa failed to say in the prospectus that it would sell land and stake in Mista company and withdraw from paper production.

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Podpis: APA - Austria Presse Agentur