Page 71 - bne magazine September 2021_20210901

bne September 2021 New Europe in Numbers I 71
Bank stocks drive Warsaw Stock Exchange’s main index to all-time high
bne IntelliNews
Rallying stocks of Polish banks drove the main index of the Warsaw Stock Exchange, the WIG, up 0.15% to an all- time high of 68,487.65 points on August 9. The WIG thus climbed to its highest level in history for the fourth session day in a row.
The bourse’s separate banking index, WIG-Banki, gained 2.25% to 7,052.6 points, the highest level in over a month. Investors rallied to buy banking shares on the back of lenders’ good results in the second quarter.
The WIG-20 growth leaders were Poland’s two largest banks – both also controlled by the state – PKO BP and Pekao. PKO BP’s stock grew 2.15% to PLN39.68 (€8.69) while Pekao gained 3% to PLN102.45. The two banks
also led the day’s trading in terms of turnover.
PKO BP is presenting its Q2 report on August 12 with expectations that, similarly to other lenders, it will show good results.
Throughout August so far, major banks ING BSK, Pekao, and Alior all posted positive second-quarter results with profits soaring and impairment in steep decline.
Polish banks are seen servicing a credit boom, fuelled by post-pandemic consumer optimism and firms resuming investment. Poland’s ultra- low interest rates are also conducive to increased lending.
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