Stocks report: A stormy week

On Monday the Polish indices opened lower amid an unexpected change at the head of the government. However, buyer's took advantage of lower prices and on the following sessions indices were able to set new short-term highs. A dramatic reversal took place on Thursday, due to the escalation of tensions in the Middle East, which caused a worldwide sell off on stock markets. Crude oil prices broke to new all-time highs, but this didn't help Polish oil stocks at all, which were hit the hardest. The sector index lost nearly four percent on the week.

The second-weakest branch was big-cap banks, which declined 2.7 percent. The only winner on the week was Techwig, while the WIG-20 lost 2.8 percent and the overall WIG index shrank by two percent.

Ecard (a credit-card payment clearer) became the new darling of investors thanks to a 70-percent gain on its first day of trading. However, the breadth of the market was negative, with 138 stocks declining, while 87 ended in positive territory, which gives a slightly negative 1.6:1 ratio. The top gainers were Atlantis and Ferrum, which gained 24 and 18 percent, respectively. Sky Europe and Elektrim were hit the most, and declined by 16 and 10 percent.

Tomasz Jerzyk

Technical Analyst DM BZ WBK SA