Stocks report: Another good week

The overall index, the WIG, added one percent, while the big-cap index, the WIG20, inched up 0.2 percent. At the beginning of the week some profit taking was seen, due to negative sentiment on US bourses. However, on Thursday buyers returned, after Standard & Poor's upgraded Poland's FX rating to A- from BBB+. This helped to erase earlier losses, as well to secure a positive closing for the week. Retail investors were particularly focused on surging small and medium-sized companies, while the big-cap stocks had a mixed performance. Oil and construction/real estate companies peformed best.

PKN Orlen and Lotos gained more than five percent each due to rising crude oil futures on the global market. Polnord was the real star among construction companies, after its main shareholder revealed plans to transfer real-estate assets from Prokom Investments in exchange for new Polnord shares. The stock jumped nearly 56 percent on this information. Telecom and media stocks finished in negative territory, as major players TVN and TP were down by 5.2 and 3.1 percent on the week. It is hard to find a concrete reason, but I would link the weaker performance of these stocks with global negative sentiment towards the tech sector.

Tomasz Jerzyk, technical analyst DM BZ WBK SA