From the end of the session perspective, it is clear that the market sought gains today, but was hit by downward impulses from the surroundings.
Since morning the weakening zloty was playing against the bulls, which during the session close on the GPW gave 0.4% against the dollar.
The appetite for risk was also not improved by rising oil prices, but the increase in WTI and Brent contracts was noted by investors in Orlen shares, which finished the session up 1.29% on a falling market.
KGHM shares fell 2.89%
Banking companies performed poorly, whose WIG-Banks index returned more than the market and fell 0.78%.
Finally, the market‑important company KGHM lost 2.89% today. The above session picture may portray Warsaw’s weakness, but the final change in WIG20 was clearly better than the German DAX decline, which gave 1.37% today and ended the session setting daily lows.
WIG20 over‑priced 14 companies
Morning on Wall Street – bringing a strong over‑pricing of semiconductor‑related companies – was clearly worse than the Warsaw session end. The market breath was, however, negative and WIG20 over‑priced 14 companies with 6 rising, while on the entire board the price fell 50% of securities with 37% rising and 13% unchanged.
Regardless, the response to pressure from base markets cost WIG20 another defeat near the 3700‑point resistance, which for the second session in a row proved beyond demand reach.
From a technical perspective, another strengthening of resistance appeared, although one must be aware that largely the return below 3700 points was forced by the surroundings. On Wednesday, expect another session played in the shadow of base markets, which will operate in the context of awaiting the release of minutes from the last FOMC meeting.
Part of the market forces will also be investors’ reactions – especially in the zloty market – to the Monetary Policy Council’s decision.
