Stocks report: Volatility rules the market

Foreign markets regained some strength, but unfortunately for investors, politics in Poland had some negative impact on the investment climate. This was due to the decision of the Prosecutor's Office to detain some of Poland's prominent politicians and businesspeople. Though not detained because he is out of the country, the well known businessman Ryszard Krauze was on the Prosecutor's list. He is a respected investor in many WSE companies, and the shares of firms he is connected with plunged on the news of the allegations brought against him. Polnord, Bioton and Prokom were particularly hard hit and the value of Krauze's assets on the WSE lost around zł.600 million on the day.

Construction and media stocks were top-performing branches, while real-estate  developers and the IT sector were the weakest. Among media stocks, the top pick was Agora, where Marek Sowa was appointed as new CEO of the company. Developers were under selling pressure due to the rate hike and Polnord's weakness.

On the broad market investors loved many recent losers, and this week those shares managed to retrace some earlier losses.

Tomasz Jerzyk, technical analyst DM BZ WBK SA