Stocks report: Indices upward

The Techwig index soared by six percent, largely due to biotech firm Bioton and national telecom TP, which have massive weight in the index portfolio. Bioton has been the biggest laggard in the technology sector for more than a year and its price has dropped to zł.0.78 from a peak of zł.3.25 in November 2006.

But it is hard to find any particular information that pushed investors to buy those shares. Bioton gained more than 20 percent on the week. TP was also strong but, again, there was no news from the company and yet its stock surged. TP managed to lift its price by more than 10 percent on the week and the company set new multi-month highs.

Comarch shares were quite hot as well, after the company announced it is going to sell its stake in Interia.pl, the third-largest Polish internet portal.

Generally it was another positive week for stocks, as most shares went up, but it is hard to say what the future will bring. Global investors will wait for US Federal Reserve's interest-rate decision on Tuesday, and many of them will be counting on another cut of the discount rate. I think that global reaction to that decision will be crucial, as such a move is already discounted in share prices.

Tomasz Jerzyk,

technical analyst DM BZ WBK SA