Monday on the WSE led to lower investor activity in the broad market, but the major indexes managed to extend their gains from the previous week. Prolongation of the good mood was favored by a weak macroeconomic calendar, which in Poland only brought the core inflation reading (without food, fuel and energy prices), and was blank in Europe as well.
This week, the start of the first-quarter earnings season for the largest US companies may have a stronger impact on stock market sentiment, and in addition, the correction of the recent weakness of the dollar may prove challenging. However, so far the WIG20 has recorded its fifth consecutive session of growth, and sWIG80 is close to 3.3 percent. to its historic peak in September 2021.
The WIG20 rose 0.41 percent, and the WIG rose 0.59 percent. In contrast, mWIG40 increased by 1.08 percent. and sWIG80 gained 1.2 percent. It reached 21176.36 points. That is 712 points. less than the max. The turnover was 947 million PLN, of which 710 million were related to WIG20.
On Monday, the market did not receive and is unlikely to receive new impulses strong enough to continue the increases from last week and it seems to me that there may be a problem with such impulses this week. But in general, I think that in the next two to three weeks, WIG20 will try to meet the peak of January 10 this year, which is about 1940 points.” Tomasz Czarnicki, Director of the Analysis Department at DM BPS, said in an interview with PAP Biznes.
“In my opinion, the recent increase in the WSE was strong and confirmed the breakout, and now the market needs a pause to see if the US indices can rise a few percent more,” Czarnicki said.
In terms of sectors, 11 of the 14 indices in the WSE are up. The strongest were WIG-Informatyka (2.57%) and WIG-Automotive (2.03%), while WIG-Informatyka (-2.47%) performed the worst.
In the WIG20, after opening up the session, in the following trading hours, KGHM shares fell (-3.02%), which corresponded to the decline in copper prices. Regarding the company, there were statements by the Minister of Assets about investments in Chile at the level of more than 1 billion US dollars, the Deputy Prime Minister is coming to South America. visiting.
In this market segment, LPP shares (-1.74%), Pepco and mBank were slightly above the line.
On the other hand, the shares of Cyfrowy Polsat (3.6%), Asseco (3.6%) and Kruk (3.10%) stood out. Other large banks, such as Santander (1.24%), were above par. According to the Polish Financial Supervisory Authority, the return on equity for the banking sector at the end of February was 7.85%. compared to 7.54 percent. in January and 4.18 percent. in February 2022.
In contrast, by 0.59 percent. On Monday, the price of PKN Orlen rose, since on Monday US Ambassador Mark Brzeziński announced that the US EXIM Bank announced $ 3 billion, and the DFC Agency – $ 1 billion for the development of BWRX-300 reactors in Poland by Orlen. Synthus Green Energy. Letters of intent in this regard were signed at the US Embassy in Warsaw. President Obajtek also presented the possible locations of SMR reactors.
Stronger price movements are observed in mWIG40. The share price of CCC (7.81%), which announced the annual results, was the most profitable, but above all, the company expects an improvement in results in the future, an increase in revenue and a reduction in debt through, among other things, the announced issue.
There were huge fluctuations in the shares of Ten Square Games. The company’s share price rose as much as 4% in the morning, when the company’s announcement appeared on the market about the company’s focus on headline titles, write-offs due to the cessation of production of other titles and 25% downsizing. After that, the exchange rate fell to around 9 percent, hitting a few-year low of PLN 74. In the end, the stock price rose by 0.73 percent at the end of the session, which can be explained by the fact that long-term investors will consider closing unpromising addresses and job cuts as positive for the company’s profitability.
In the sWIG80, DataWalk (11.97%) shares were the strongest, and broad market shares of Lubawa (11.8%) and Onesano (28.55%; formerly Skotan) posted strong increases as well. DataWalk stock has been rising since last week after management’s comments about forecasts for sales growth in 2023.
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