Stocks report: Main indexes gain on week

On Monday a short-term low was set due to bargain-hunting and in the next few days the indexes retraced most of their recent falls. Buyers particularly liked media and telecom stocks, which lead the way on the market. Agora gained the most among the big-cap stocks, and TP was in the runner-up spot.

A change in the CEO's post at TP was announced, and Maciej Witucki will be the CEO from November 6. The current chief will be offered another position in the France Telecom Group. The market didn't react to information about probable new fines for TP. The telecom giant is being punished for its reluctance to separate its broadband internet access and fixed-line businesses.

The biggest gainer was Elektromontaz Export, and its new CEO and strategy helped the stock surge on Friday after it issued press releases.

The market breadth was positive on the week, because advancers nearly doubled declining stocks, which is a positive sign for the market. However, in the longer term, it is still unclear which direction will be chosen by market participants in the coming weeks.

Tomasz Jerzyk,

technical analyst DM BZ WBK SA