The new week at the WSE began with the correction of recent dynamic WIG20 increases. MWIG40 and WIG also finished the session under the line. SWIG80 was increased, which improved the historic peak during the day. It was a weaker day for banks' action after the statements of the President of UOKiK. State mining companies showed good form, and JSW shares gained the most in this group.
After a few strong sessions that they led at the end of last week, WIG20 to new peaks of bull market around 3000 points, Monday brought correction. The round WIG20 level has been in the sphere of dreams since May 2008, and its overcoming would open the way to the march to the historic peak of the Blue Chip index from 2007 in 3,940.53 points. However, it will be difficult to think about getting it without a good condition of banks' courses, over actions that have gathered several dark clouds on Monday.
Small discounts were also observed on the base markets in Europe. The dynamics of the session on WIG20 was characterized by a large correlation with what was happening on the German DAX. Indexes at Wall Street after the start of cash trade gained, which supported the European moods a bit. DAX at the end of trade in Warsaw managed to go out for a minimal plus, but WIG20, although he made up a bit of losses, ended the day under the line, despite the global weakening of the dollar, which supported the raw materials.
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At the end of the day, WIG20 was 0.48 percent. Below, WIG gave 0.4 percent In turn, MWIG40 fell by 0.41 percent Even before noon, SWIG80 improved the historic record, which is currently 29,234.75 points, but the session ended slightly lower, after an increase of 0.36 percent. Turning in the wide market amounted to PLN 1.47 billion, of which PLN 1.26 billion concerned companies from WIG20.
Investors in Poland got a large packet of data from the real economy, including a decrease in Sales of RDR, a larger increase in wage-and-accounting forecasts and a surprising increase in construction and assembly production by 2.1 percent. yard, in relation to the forecasts of the decline by 1.2 percent rdr.
However, the statement of the President of UOKiK Tomasz Chróstny, who told PAP, reflected a greater echo, that it is necessary to consider the introduction of tax on the excessive profits of banks to relieve credit consumers. In his opinion, there should also be a mechanism that would limit dividend payment from banks' profits. He stated that he was a supporter of the profits at domestic banks to be detained and work on the ability to finance the economy.
The chairman of the Polish Financial Supervision Authority Jacek Jastrzębski informed PAP Biznes that a possible discussion on the introduction of tax on excessive profits of banks should be preceded by the proper definition of the needs and goals for which revenues realized in this respect could be allocated.
Banks' courses were under pressure from the growing coalition of officials and politicians to support larger taxes. The WIG-Banki index dropped by 0.91 percent In turn, in WIG20 by 0.48 percent The Pekao exchange rate has dropped, and 2.04 percent PKO BP in both cases two at the highest turnover on the market of PLN 268.7 million and PLN 200.8 million, respectively. MBank shares got cheaper by 1 percent, Alior's exchange rate fell by 0.35 percent. Instead, he gained Santander's course (0.58 percent).
Trade in ORLEN (-0.57 percent) was the third in trading (PLN 142 million), which announced that Orlen Synthos Green Energy has signed a letter of intent with the Canadian Ontario Power Generation on cooperation in the construction of small BWRX-300 modular reactors in Poland. In the context of the Company, information about oil deposits discovered in the territorial waters of the Baltic Sea, discovered in the territorial waters of the territorial waters. Meanwhile, oil in global markets was cheap by over 1 percent.
Copper gained, and the KGHM course (1.67 percent) was distinguished by the second strongest increase in WIG20 that day.
It is worth noting that other mining companies from the WSE were also strong, but under the control of the Treasury. The Bogdanka course from SWIG80 gained 2.08 percent, but the real star of the industry was the qualities of JSW (7.44 percent). Increases to a new two -month peak could support speculation about a potential limitation of employment in the company as a result of potential co -financing of payments to miners by the government. “It can be a breakthrough for the company,” Jakub Szkopek, an Erste Securities analyst, said in an interview with the Bloomberg agency.
Unions in JSW demand that their company take an amendment to the Act on the functioning of hard coal mining. It would be possible to reduce employment and reduce fixed costs. Miners could go on mining holidays, use briefings and retraining programs financed by the state budget.
Returning to WIG20, CCC (-1.96 percent) and CD Projekt (1.63 percent) were also poorly managed. There were a total of 12 companies under the line. Plus 8., with the greatest increase in the Pepco exchange rate (2.36 percent).
Michał Kubicki
