Stocks report: Blue chips creep up

The WIG index gained 1.4 percent, while the blue-chip heavy WIG20 rose by 1.6 percent. Real estate developers, oil companies and banks led the market higher, while food and construction companies' ended in negative territory.

There was very little important news from listed companies, but I would highlight PBG, which announced a conservative forecast for 2008, below street expectations. Investors sold on the news and the company erased five percent of its capitalization on Wednesday. PBG's fall had a negative impact on the construction sector benchmark. GTC, meanwhile, was the best pick among the WIG20 stocks, with the company's shares gaining seven percent.

Financials were also strong, largely due to positive sentiment in the sector globally. Bank Millennium and Bank Handlowy gained the most in the sector, with their shares leaping more than six percent.

PKN also added six percent and was the top choice among oil stocks - I would link its performance with a dividend payout hinted at by a management board member. The company also received a positive verdict from the arbitration court in Vienna, which opens the possibility for mobile telecom operator Polkomtel's Polish shareholders PKN and KGHM to purchase more shares in the firm.

Generally it was another good week for stocks and I expect some more upward movement in the coming week.

Tomasz Jerzyk, technical analyst DM BZ WBK SA