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The Warsaw Voice » Business » July 9, 2008
WSE-MONTH IN REVIEW
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Oil Up, Market Down
July 9, 2008 By Michal Jeziorski   
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June was marked by continuing declines on the Warsaw Stock Exchange.

The market's indices were predominantly pushed downward by soaring prices of crude oil, which added to inflation pressure. Analysts say the downward trend on the WSE will not reverse until oil becomes cheaper.

The WSE's WIG20 blue-chip index plummeted to 2,600 points, and further declines on the trading floor are highly probable, analysts say.

In all, the WSE has declined for six weeks in a row. The last time the WIG20 decreased for seven consecutive weeks was in 2001. The second quarter of this year was also the fourth straight bearish quarter on the market.

Fuel corporations Lotos and Orlen drew special attention because their shares depreciated significantly. Lotos plunged 23 percent in June alone.

Despite the declines on the WSE, the government is pressing ahead with the privatization of the energy sector. After the listing of Enea, scheduled for July, the Treasury Ministry wants to float the Bogdanka mine or the Kędzierzyn nitrogen plant.

Meanwhile, the WSE's NewConnect alternative market saw two successful debuts. Doradcy24, a financial consulting company dealing with loans and investment, gained 10 percent on its first day on the trading floor. The company raised zl.2.35 million to finance the expansion of its network and the development of an electronic distribution platform for financial products.

The other NewConnect debut was Zakupy.com, which went up by 2.5 percent on its first day on the market. Zakupy.com brings together eight online stores that sell 11 types of products such as toys, books, CDs, DVDs, video games, board games, audiovisual equipment, household appliances, memorabilia, computers, and accessories.
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