Stocks report: Rough end to the week

Ruch's IPO can be blamed for the general selling mood, as investors sold up to subscribe for new shares. Additionally the December derivatives expiry could have been part of the reason for the increased volatility on the Friday session, where panic-selling could be seen.

Most sector indexes lost on the  week, but Telecoms and construction/real estate posted small gains, due to the positive performance of TP and GTC.

Agora's shares were also strong and added more than 13.5 percent, after the company reported that sales of its flagship Gazeta Wyborcza had stabilized after sharp drops in earlier months.

However, the market breadth was negative, as 195 stocks declined, while only 63 advanced on the week. Among the losers were some retail investors that had been the darlings of recent weeks, including Bioton, Dwory and Gino Rossi. Sharp declines in those stocks left an unpleasant impression and it suggests more selling pressure. But I hope lower price levels will trigger bargain hunters to enter the market.

Tomasz Jerzyk,

technical analyst DM BZ WBK SA