Warsaw Bourse Seen Higher After Tax Bill Passed
"I see today as a pretty good start to a positive week," said a Warsaw-based broker. "Investor see the passage of the tax bill as beneficial to the economy, which has shown some signs of improvement." The parliament passed a sweeping tax bill over the weekend which cuts corporate tax rate to 22 percent by 2004 from the present 34 percent. President Aleksander Kwasniewski is expected to sign the bill into law by the end of the month.
The main WIG index surged 3.8 percent to 15,431.2 on Friday as gainers dominated losers by 162 to 18 with 21 stocks flat. Turnover rose 31.4 percent to 162.2 million zlotys on all three markets.
The WIG 20 index jumped 3.7 percent to 1,488.4 in the single price auction system and rose another 1.6 percent to 1,512.4 in continuous trade.
Analysts said that local player sentiment should also be improved by the large retail investor oversubscription and low price of the initial public offering of oil group PKN.
The firm's IPO was priced at 19.5 zlotys per share, close to the lower end of its price range of 18 to 24 zlotys. PKN will debut on the Warsaw and London stock exchanges on Friday.
The main WIG index surged 3.8 percent to 15,431.2 on Friday as gainers dominated losers by 162 to 18 with 21 stocks flat. Turnover rose 31.4 percent to 162.2 million zlotys on all three markets.
The WIG 20 index jumped 3.7 percent to 1,488.4 in the single price auction system and rose another 1.6 percent to 1,512.4 in continuous trade.
Analysts said that local player sentiment should also be improved by the large retail investor oversubscription and low price of the initial public offering of oil group PKN.
The firm's IPO was priced at 19.5 zlotys per share, close to the lower end of its price range of 18 to 24 zlotys. PKN will debut on the Warsaw and London stock exchanges on Friday.
