Polish stocks inched up in the week ending July 9. The blue-chip heavy WIG20 rose by 1.2 percent, while the overall WIG index added one percent. Bulls were active at the beginning of the week, after Bronisław Komorowski was elected president.

In the second half of the week, the bears took advantage of the higher price levels, and indices lost some of their earlier gains. It was a typical holiday trading week – turnover was light and indices were little changed.

Investors were reluctant to follow international bourses. A strong rebound on US markets only helped the WSE to open higher, after which prices were under light selling pressure.

Banking stocks led the market higher, and BRE was a top pick among blue chips. The firm’s shares gained five percent on the week. Also, PKO BP and BZ WBK (parent company of DM BZ WBK) helped to lift indices higher.

Tauron stocks debuted on WSE on June 30, however due to the negative mood on foreign bourses Tauron shares opened below the IPO price of zł.5.13.

Many investors had hoped for easy gains, after PZU’s successful IPO, and certainly they are somewhat disappointed. However as of this writing, Tauron is trading just slightly below its IPO price. KGHM is rumored to be on the buy side, stabilizing the price.