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The Warsaw Voice » Business » June 17, 2009
Month in Review
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Wait-and-See Attitude
June 17, 2009 By A.R.    
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The Warsaw Stock Exchange (WSE) made little headway in May as investors waited to see which way the market would eventually move.

May was another month in a row with optimism on the stock market and hopes for the return of a long-term bullish trend, but investors were hesitant and trading was volatile.

The WIG-20 blue-chip index gained only 0.2 percent during the month, which shows just how undecided the investors were. The main market fared somewhat better, its WIG broad-market index inching up by 1 percent.

Companies in the food sector performed the best in May, their index gaining 26.1 percent. The sector remains attractive to investors because it has been relatively unaffected by the downturn, while consumption in other sectors has dropped substantially.

The fuel sector also did well, with the WIG-Paliwa index going up by 6.7 percent. This was largely due to growing fuel prices on international markets.

The WIG-Media index, which had dropped sharply in previous months, fared well in May, gaining around 4.5 percent. The WIG-Banki index, which had delivered high returns in previous months, dropped by 6.1 percent in May in a round of profit-taking.

Among the blue chips, KGHM Polska MiedĽ SA, one of the world's largest copper and silver producers, went up by 11.3 percent, far more than the market as a whole. Lotos SA, Poland's second largest fuel producer and distributor, was the second best performing company, rising by 9.9 percent. These two companies gained largely due to higher prices of fuels and copper on global markets. Commercial television broadcaster TVN ranked third in this league table, gaining 7.3 percent.

Bioton, a rapidly expanding biotechnology company that manufactures modern drugs, was the worst performer in May, losing 28.1 percent. Bank Pekao SA, one of Poland's largest banks lost 13.7 percent, and construction company Polimex-Mostostal Siedlce plummeted by 17.2 percent.

Six new companies were listed on the WSE's main and alternative markets in May. It was the best month for initial public offerings this year, strengthening the WSE's leading position in Europe in terms of the number of IPOs. Two companies, Aplisens and Ipopema Securities, entered the main market. Aplisens is a group of companies that manufacture measurement and automation equipment, and Ipopema Securities is the second brokerage to be listed on the WSE's main floor.
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