Stocks report: A good week, if a bit shaky

Investors around the world were nervous after noticeable falls on the Shanghai bourse. But US investors ignored the threat and US indices continued their march to new highs, returning faith to European investors.

Particularly positive were sessions at the end of the week, as KGHM's AGM decided to pay out more than 100 percent of its 2006 profit in dividends. (This was the same scenario as a year ago, when representatives of the Treasury forced the management board's payout proposal of zł.7-10 up to nearly zł.17 per share.) This made KGHM's stock price soar by more than 12 percent on the week. Treasury representatives were also active at Lotos' AGM, where they unexpectedly voted for a zł.0.36 dividend payout.

Another important factor was Poland's better than anticipated GDP figure for Q1, which stood at 7.4 percent, beating market expectations of 7.3 percent. Poland's economy is now the fastest growing economy in Europe and this helped the WIG-20 to set a new record - 3,738 pts - on Friday. The best performing sector was banking, whose index added more than 7 percent on the week. ING BSK was the best performing stock among banks and climbed nearly 18 percent.

Tomasz Jerzyk, technical analyst DM BZ WBK SA