Bank Zachodni WBK makes disappointing debut on the stock market

Over 40 million shares in Bank Zachodni WBK (BZ WBK) made their debut on the Warsaw Stock Exchange (WSE) yesterday, with an opening price, at zl.40.9, that was below the expectations of the BZ WBK board. Trading on the first day was minimal. Just 2,600 shares changed hands, and the turnover totaled little more than zl.222,000. Jacek Lichota, an investment consultant with ING BSK, explained that this demonstrated the low liquidity of BZ WBK shares. "Most of the shares are held in the portfolios of insurance companies and investment funds, and thus cannot be disposed of at such short notice," Lichota explained. BZ WBK shares are expected to regain their popularity in September, when a 5% package of employee shares will be put on public offering. (Puls Biznesu, p. 9) M.T.K.