Banks were hit again, but the energy got the most. Symbolic growths and the declining bullshit phase?
The beginning of September did not start well on the WSE. Despite the absence of American investors, the session was not calm and brought a continuation of the discount of the main indexes. Banks cheaper and, above all, energy. The index of the smallest companies went up, which can symbolically mean the end of the bull market on the WSE.
The parquet in Warsaw did not take advantage of the opportunity related to the absence of investors from the US, who have a day off in their labor holiday, to conduct effective reflection. After a series of eight months of WIG and WIG20 increased in August, September also began with a discount. The beginning of the session suggested that the demand may try to lead the counterattack, but after the upward opening, supply quickly took the initiative, continuing to sell the shares of banks and energy companies, i.e. the motorbikes of this year's bull market.
Significant that the low market segments indexes have been better behaved on the weak market. The increases in SWIG80 and Ncindex can be a symbolic tip that the last phase of bull market is ahead of us, when capital bends to the shares of the smallest companies.
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The discount on the WSE was clear compared to other European parquet parquet. Indexes in Paris and London were listed flat, he slightly gained DAX in Frankfurt, when the session in Warsaw ended. Only indexes from the peripheral stock exchanges in Bratislava and Bucharest have been worse than WIG20. The effect of the Americans' absence was, of course, lower liquidity and lower turnover.
WIG20 fell on Monday, September 1 by 0.84 percent And he completed the fourth session in the minus. From the summit, the bull market from the first half of August has already dropped by over 8.6 percent. WIG gave 0.8 percent on Monday In turn, MWIG40 fell by 1.03 percent Small SWIG80 (0.19 percent) is in the plus, and Ncindex growth is worth noting, referring to companies with NewConnect NC Focus segment, by 0.73 percent. This index has been around the highest levels for a year. The turnover on the main WSE market amounted to PLN 1.43 billion, of which PLN 1.2 billion concerned companies from WIG20.
In sectoral terms on the WSE, the WIG-Energia index (-4.37 percent) was most reduced, then WIG-Gry (-2.04 percent), WIG-INForatics (-1.39 percent), Wig-Food (-1.16 percent) and WIG-Banki (-1.01 percent), which as the most severe SEATOR on the GPW He faces the reversal of the trend due to the tax attempts of the government and the prospects of subsequent interest rates, the next of which may occur on Wednesday. Increases in sectoral terms of 0.5 percent They recorded fuels, chemistry, while automotive, while clothing gained 0.74 percent, and WIG-Górcy 0.96 percent.
The energy discount was visible both in WIG20, where PGE (-3.70 percent) was the weakest company and in MWIG40, where Tauron (-6.46 percent) and Enea (-4.47 percent) were the most reduced. “Recently, an important factor is also a political detention of some legislative changes regarding the development of renewable energy, including by the veto of President Nawrocki, which can slow down the rate of energy transformation and influence the strategies of companies such as Tauron. (…) Today's declines may therefore be a temporary correction after a period of strong increases, but also a signal that the energy sector faces serious challenges” – they wrote in the commentary ” Analysts from DM XTB.
The second sector, from which after months of increases, investors were clearly reversed, there were banks. In WIG20 by 2.576 percent Santander's shares have dropped, by 1.24 percent He reduced the PKO course. The other largest banks were also after the line.
Commercial companies such as Pepco (-2.85 percent), Allegro (-3.01 percent) also included a clear discount. There was also a Żabka course (-0.73 percent) under the line. Analyst Wood & Company Łukasz Wachełko reduced the recommendation for Allegro to “Hold” with “Buy”, setting the target price of the company's shares at PLN 42.4. The Allegro course closed at the level of PLN 35.415.
On Monday, the Central Statistical Office showed the second reading of GDP growth in the second quarter, which shows that private consumption was mainly responsible for the dynamics of the Polish economy. Investors, however, selectively appreciated the shares of industry leaders supported by consumption, because the increases scored CCC (2.26 percent) Dino (0.4 percent) and LPP (0.23 percent). PMI data on the Polish manufacturing sector was also shown, but a decrease in the economic situation is still observed.
It is worth mentioning that the subsidiary of Budimex (-0.41 percent), FBSerwis, has contracts with the General Directorate for National Roads and Motorways Branch in Gdańsk for year-round maintenance of national roads divided into 2 parts. The value of contracts is PLN 287.8 million net. From the so -called The wide market stood out the Simfabric course (21.5 percent), which has gained after information that the company had a distribution agreement with Nintendo.
Michał Kubicki
