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Morning weakening external environment dampened the enthusiasm of buyers on the WSE. Demand refrained from enlarging positions primarily on the largest market capitalization companies, as well as in the segment of mid caps. Please wait while winning streak in the segment of small companies, and the index is the only WIG250 yesterday can boast of a positive rate of return of less than 1%.
Correction according to plan, what next?
WIG 20 index started Monday’s session of kilkunastopunktowego withdrawal. The weaker start on the Stock Exchange, however, was not a major surprise to market participants. From morning because services reported a deterioration in sentiment in financial markets, including primarily on Wall Street. The further course of trading on the Warsaw Stock Exchange did not differ from what has happened in Western Europe. Demand has signaled its presence in the middle phase of trading, but sentiment deteriorated again with the impending first gong on Wall Street. Among large companies a strong negative hero was KGHM. Lubin course combine again bowed under the weight of commodity market sell-off and during the first session of the week depreciated by 4.3%. Slightly weaker disposition also showed the largest banks (PKO BP and Pekao SA) according losing 1.5%. So far indeksuWIG20 technical situation did not change much. Supply would erase almost all of Friday boost growth, but still in force remained upward trend line (2,490 pts.). In the pessimistic scenario, you can expect that the weakness of large companies will extend into the next session, which may result in a further descent WIG20 important area of technical support at 2,460 points. From the top while the first resistance determines the level of 2,560 points. In the case of the WIG note re hesitation at high levels. This time, however, the WIG index is above the peak of November 2013., Which suggests that around 55,0-55,3 thousand. point. should support the purchaser. Before the final resolution of the situation, not exclude a few days to consolidate the WIG index.
Another falling commodity prices
The real disaster swept yesterday by material market. Medium-term downward trend continued in both copper, precious metals as well as oil. The cause sell-off in the commodity market, we can certainly take the statement of the Minister of Finance of China, which dampened hopes of stimulating the local economy. Price of copper in transactions three months on the London Metal Exchange fell yesterday by 1.5% to 6734.50 USD / t. The market also feared as falls today’s publication of the PMI business activity index for September.
China PMI but not surprised by the negative
This morning we observe calm investor sentiment. Publication PMI for China’s economy fared slightly better than expected. In September, this index were counted at 50.5 points., Against expectations of 50.0 points. and 50.2 points. in August. Slightly upward futures are traded on the American indices, which suggests opportunities for reflection after Monday devaluated on Wall Street. Yesterday, the S & amp; P500 lost value of 0.8%, and once again found himself below the level of 2 thousand. point. The first major support is around 1,985 points. and defines the line of defense for the continuation of the upward trend scenario.
Mariusz Puchałka
Equity analyst
ING Securities SA
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