Stocks report: A down week on the WSE

At the beginning of the week the blue-chip WIG20 set a new all-time high, however, from Wednesday on sellers dominated the market. Media and banks were the worst-performing sectors as their benchmarks lost 5.6 percent and 4.8 percent respectively.

TVN was the weakest among the media stocks, after the company's audience share in its target group continued to slide in May, and its stock lost nearly seven percent on the week. Agora was also weak and dropped by four percent.

Banks had led the WSE indices higher in recent months, however some profit taking could be seen last week, after some downgrades from top global investment banks.

The only advancing sector was oil, mainly due to higher crude-oil prices. Orlen was the top pick there and its stock price rose by more than six percent. The rise was also due to rumors in the local press that the Polish government would allow Vodaphone to buy Orlen's stake in Polkomtel.

Some rumors also appeared that Hutchinson was interested in buying P4 from Novator. This helped to boost Netia shares by more than three percent.

Tomasz Jerzyk, technical analyst DM BZ WBK SA