Stocks report: Stocks lose ground

This was due to the falls on the US stock markets, which pushed investors to sell on other global markets. Additionally, the unstable political situation among the government's coalition parties, which may lead to earlier elections, also had some impact on investors' decisions.

Most of the WSE's listed companies have lost ground in recent weeks, but particularly hard hit were stocks which had managed to gain the most in recent months. Among big-cap stocks, telecoms and oil companies lost the most, and in the case of telecoms, TP was to blame for that. The company revealed its Q2 2007 results last week, and both the top and bottom lines were much below the market consensus. 

Big-cap banks BRE, Pekao and BPH also published their Q2 figures, which were above market expectations, but investors preferred to sell those shares on the news. Real-estate stocks rose on the week by four percent. These stocks have suffered a lot in recent weeks, and new multi-month lows were spotted as a buying opportunity.

Overall mood on the market is not good, as any positive factor was treated as a reason to sell stocks. This suggests further losses in the coming weeks.

Tomasz Jerzyk, technical analyst DM BZ WBK SA