Stocks report: A slow week

With very little important local news during the week, the Polish market was fueled by global sentiment, and volatility subsided.

It was very hard to find some exciting moments on WSE over the last few days, and more active trading was focused mainly on a group of rather speculative stocks. 

Under the strong influence of global sentiment and with practically no meaningful local catalysts on the way, the WSE's current prospects remain dependent on future news concerning the turmoil on global financial markets and the outlook for the US economy.

The latter will not be cleared up soon, since the magnitude from possible spillover effects from the credit crunch and housing crisis is very hard to quantify at the moment. However, I think that in such circumstances we can assume that few investors will decide to put their money on the table now, and at least until the nearest Fed policy statement (on September 18) we will see the nervous trading continue.

Michał Cichosz Analyst DM BZ WBK SA