Stocks report: Mainly unchanged

The WIG and WIG20 indices were both down by around 0.6 percent and bullish investors tried to push things upward. Bears took advantage of relatively high stock prices, however, and cashed in their portfolios.

Earnings season finished last week and big-cap stocks generally turned in figures that were slightly better than anticipated.

Some companies severely disappointed, though, and PGNiG, Agora and Bioton were among them. The situation among SMEs didn't look that optimistic either.

Real estate developers' stocks plunged the most and the developers' benchmark index lost more than eight percent over the last two weeks. This was linked to Polnord's results, which showed that the firm built 500 flats but only sold 120. GTC suffered the most - its stock dropped by 15 percent.

At present it's difficult to see the direction WSE indices will take. There is still a general downward trend, but in my opinion too many investors are counting on further drops. I'm hoping for some upward movement in the short term, but in the longer perspective the indices will probably fall below July lows.

Tomasz Jerzyk, technical analyst DM BZ WBK SA