Tech WIG hits all time low as Softbank overtakes Elektrim with 17.69% fall

The Tech-WIG, the Warsaw Stock Exchange (WSE) technical index, lost another 7.7% within one day to hit an all-time low. Following the spectacular fall of Elektrim, Softbank took the position of leading loser, as its shares plummeted 17.69%. "Softbank shares rose more than they should have during recent sessions. There were no fundamental reasons for that. It seems that most investors decided to close a position, which resulted in a 20% drop," said Magdalena Lapsa of Societe Generale. As for the overall results of technical companies, the main factor to be blamed for the recent bear market is the situation in the US. "Our IT sector is affected by falls on Wall Street more than any other branch of the WSE. Panic in Warsaw has a mostly psychological basis," said Przemyslaw Sawala from BZ WBK brokerage. He also underlined that among domestic IT companies, only Computerland and Comarch have managed to sign new contracts recently. (Puls Biznesu, pp. 1, 12, 13) M.K.