Stocks report: Sellers dominate

Sellers dominated the market. Some bargain hunting was noticeable at lower levels on Friday, which slightly improved the overall impression for the week. But the WIG and WIG20 lost more than three percent, and most sector indices were hit hard.

Construction/real estate particularly suffered. Having been the darling of investors in recent months, the sector lost almost eight percent this week. Investors were very disappointed with construction companies' financial results for Q1 2007, as in recent months most of them have faced increases in both wages and building materials. Nonetheless, the best performing stock was still Mostostal Płock, which reported results far above market expectations, causing its stock to jump 43 percent.

Among other companies, Ruch was strong following the State Treasury's invitation for investors to bid for a majority stake in the company in Q4 of this year. Most other stocks lost ground on the week, with Travelplanet.pl and 14NFI losing the most. The tour operator disappointed investors with its Q1 bottom line figure, which showed a bigger loss than expected. 14NFI's announcement that it had sold its real-estate assets to Polnord also caused investors to sell.

Tomasz Jerzyk, technical analyst DM BZ WBK SA