Stocks report: Weird week on the WSE

Each day stocks opened higher, but sellers took advantage of the higher prices and in the following hours the market headed downwards.

It is rather hard to find a reason for such behavior. The WIG20 large-cap index lost the most - nearly four percent on the week - but in previous weeks blue chips led the market higher.

Construction shares, as well as media and oil stocks, pushed indices down. Specifically, PBG, Lotos and TVN weighed negatively on indices. PBG, as a member of a consortium with another WSE-listed firm, Budimex, lost a tender for the Czajka sewage-treatment plant worth E500 (zł.1,892) million. Czajka is the largest sewage-treatment plant to be built in Poland, and the loss of the tender could have inspired investors to sell PBG stock.

Shares of tile producer Opoczno were sharply down and TVN shares were also under selling pressure, because digital TV platform Polsat Cyfrowy is going public. Food and telecom shares lost the least.

Tomasz Jerzyk, technical analyst DM BZ WBK SA