Trading activity across all companies approached 2.43 billion PLN, of which nearly 2.06 billion PLN was attributed to WIG20. The market run indicates that the session was driven by growth impulses from the surrounding environment and it is no coincidence that the final rise of WIG20 was only cosmetically different from the German DAX, which gained 0.58% today.
Correlation also covered the intra‑session responses of the Warsaw Stock Exchange to the environment and the intra‑WIG20 run was essentially similar to that of the mentioned DAX.
From local variables it is worth noting the strong performance of energy companies, with PGE up 7.37% and Tauron up 3.65%. On the other side, banks were in play. In WIG20, five banking stocks were overvalued, and the WIG-Banks sector index fell 0.88% today.
GPW: Dino +1.61%, Pepco +4.31%, KGHM +2.63%, and Orlen +1.82%!
Bank declines were offset by gains in Dino (+1.61%), Pepco (+4.31%), KGHM (+2.63%) and Orlen (+1.82%). From a technical perspective, the session was another bull success. WIG20 set a new bull record around 3891 points and closed only 0.57% shy of the psychological barrier of 3900 points. In the case of WIG, the first ever close above the psychological level of 145,000 points appeared.
Looking only at WIG20 sessions, one can say the approach was towards the 3900 point area and the beginning of supply meeting demand near the last resistance, which could pave the way for bulls to test 4000 points. Considering that the index is fluctuating in areas where technical resistances are found in the distant past, it seems reasonable to assume that the psychological resistance will at least consolidate WIG20, and may even provoke supply to counter.
A stop at the 3900 point area will also not be surprising when taking into account that in the current balance of forces, psychological resistances act as technical barriers, but there is no doubt that market appetites are already in the 4000 point area.
