Stocks report: Highs and lows

During the week the Midwig and WIG set new all-time highs, but a Friday selloff erased some gains. This was due to weaker than market expectations data from the US. GDP rose by 1.6 percent on a yearly basis, while the market counted on more than two percent. It caused some declines in Western European bourses, which triggered selling pressure in Warsaw.

The best performing sector was telecoms, where TP was the biggest mover. The national operator revealed its Q3 financial earnings, which took the market participants by surprise. Elektrim also managed to pay zł.525 million of its debt, which helped the stocks surge 36 percent.

Media stocks were the biggest losers, due to investment downgrades, before earnings announcements. TVN and Agora lost the most, 13 and 8.9 percent respectively on the week.

Generally the situation on the market didn't changed much, but I expect some more profit-taking in the coming days. However, investor activity should be limited on November 1, which is a national holiday in Poland.

Tomasz Jerzyk,

technical analyst DM BZ WBK SA