WSE: Mid session comment

After yesterday's, rather weak session, today comes a rebound in stock prices of banks and commodity companies in line with increases of the prices of oil and copper.

Goldman Sachs after taking into account the different macroeconomic of Brexit scenarios lowered the valuation of banks in the CEE region. In the case of our largest banks they were reduced valuations by 15 percent of PKO BP to PLN 23, 10 percent of Pekao to PLN 117 and 15 percent of BZ WBK to PLN 195.

Noteworthy is the relatively good behavior of the British market, which returned higher than minima from April and May. This may be due to the reluctance of British politicians to activate Article 50 of the EU Treaty, which officially starts the procedure of exit from the Union. There is also information about the fund for Italian banks, which could stabilize the precarious situation of the local financial institutions. Italian stock market gains over 4%.

At the halfway point of the session the WIG20 index was at the level of 1,760 points (+1,62%) and with quite satisfactory turnover of over PLN 270 mln.