WSE: Mid session comment

The WIG20 trouble with access to the pros in the initial phase of the trading were not accidental. Descent below the minimum from the opening of the session despite that in the environment nothing alarming is happening, confirms that we are relatively weak market. This weakness is a result of, among others, return declines in major energy companies, which in the initial phase of the session bouncing up after yesterday's strong decline. However, the withdrawal can be seen also in the second and third line, so it does not look good. In addition, there were declines in our national currency, which, moreover, is weakening steadily for three weeks. Yesterday the hope of stopping this process gave a better-than-expected reading of the PMI for the industry. These data, however, helped little yesterday and EURPLN pair only not increased. Today sale of the zloty continues and it seems that PLN may remain under pressure even up for a week, means a decision by Moody's about rating for Poland, scheduled for 9 September.

At the halfway point of the session the WIG20 index was at the level of 1,755 pts. (-0.34%) and had a modest trading volume about PLN 170 mln.