Stocks report: Q3 pushes stocks higher

Buyers dominated on most of the sessions, but on Friday some profit taking could be seen. Generally investors reacted positively to earnings reports for Q3, which reflect positive trends in Poland's economy.

PKN surprised investors the most with its numbers, which lifted the stock by five percent on Thursday. Also Agora, Softbank and KGHM reported numbers above the market consensus.

PKO BP's employee shares were admitted for trade on Monday's session. Usually this would mean some selling pressure, but this time it turned out differently. In the previous week bank shares had gained a lot, and the upward trend continued this week. PKO BP's stock was up three percent on the week.

Stalexport surged by 13 percent after the company reported that it would issue new shares for Autostrade. Investors wagered that the new investor would share its knowledge, which will increase shareholders' value. Friday's profit taking was started by KGHM, which reacted negatively to copper futures' sharp fall.

Last week was positive for stocks, but heavy volume suggests more profit taking in coming days.

Tomasz Jerzyk,
technical analyst DM BZ WBK SA