Stocks report: Calm before the storm

Better than expected US employment data helped to cut some losses. The best performing index was the Techwig, which added 1.6 percent on the week, due to a surge in Bioton and Softbank shares. Construction/real-estate stocks and big-cap banks also ended the week in positive territory.

Mostostal Zabrze and Polnord performed well and PKO BP was also strong. The bank delivered better-than-expected financial results for Q3, but investors were afraid of the sizeable amount of employee shares that were due to enter the market on Monday. Usually stocks are hit by such a factor, but this time the stocks gained more than five percent on the week.

More and more companies are publishing Q3 financial results, which are generally better than market consensus. Early next week KGHM, Softbank and Agora are to reveal their figures, and this will set the mood in the market, especially copper producer KGHM, which is usually volatile after its numbers.

I expect foreign stock markets as well as raw-material prices to set directions on the WSE in the coming week.

Tomasz Jerzyk,

technical analyst DM BZ WBK SA