Stocks report: Stocks under pressure

The WIG20 fell below 2,300 points, its lowest level for two months. The first signs of a recovery were visible on Friday, as the market climbed due to a strong sell-off in the morning. Volume on the stock market was low and when compared to the strength of the bears - very low.  As panic in the fixed income market was present, stocks were no weaker than global markets, which were also in the red. As investors' heads cool, the WIG20 has a chance to recover a little in the coming days. However, midterm prospects depend on Q3 results. Very high expectations for oil companies and banks could cause investors to decide to sell despite very good profits and sales in the past months. The market will have to see a sign of hope - if not political, at least fundamental. As for now, the results of TP, the nation's largest telecom operator, are not optimistic. The company continues to have falling sales and slightly increased margins. In reality, the market is depending on the results of two companies - PKN Orlen and the oil and copper producer KGHM.

Adam Łaganowski,

Warsaw Investment Group (WGI)