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The Warsaw Voice » Business » October 14, 2009
Month in Review
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Slight Slip
October 14, 2009 By A.R.    
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September put an end to a six-month rally on the Warsaw Stock Exchange.

Over the past six months, the WSE's indices gained on the back of positive investor sentiment in Europe's emerging markets. The exchange's main index, the WIG, gained almost 40 percent since the beginning of this year, while the WIG-20 blue-chip index rose by 23 percent.

In September, the indices stopped gaining, but the downward trend was not very pronounced. The WIG lost only 1 percent and the WIG20 shed a mere 0.9 percent. While small and medium-sized companies had been gaining sharply earlier in the year, September saw them decline by 2.5-3.4 percent.

Turnover on the spot market totaled zl.31.78 billion in September, 2 percent less than in August. On the futures market, turnover reached zl.56.38 billion and was 8 percent lower than in August.

The WSE slipped in September largely because the government approved the 2010 budget. Bond prices dropped and the Polish currency depreciated as investors grew aware of the huge borrowing needs of the government and the deteriorating condition of public finances.

According to stock analysts, the budget targets are important inasmuch they mean a considerable supply of new shares on the primary market. Interest in state-held shares will be tested in the coming weeks when energy giant PGE is offered to the public.

The WSE's main market welcomed Delko as the 377th company listed on the exchange and the seventh to hit the market since the start of this year. Delko is a retailer and provider of services for the chemical, cosmetic, pharmaceutical and food industries.

The NewConnect alternative market welcomed its 100th company in mid-September and saw the debut of its second foreign company, BGS Energy Plus from the Czech Republic, at the end of the month.

The main event in September was the launch of Catalyst, an organized market for debt securities, designed for bonds issued by companies and local governments. Debt instruments are traded on the WSE and BondSpot (former MTS-CeTO) transaction platforms. Issuers and investors have gained new platforms operating as regulated markets (the stock market and over-the-counter market), complete with a mechanism for placing and authorizing (registering) new issues in the WSE's IT systems.
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