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Only 50 percent of recommendations given by brokerage houses in July and August of last year were accurate, Parkiet reports. In the worst cases, losses resulting from inaccurate predictions reached over 30 percent.

Parkiet analyzed over 200 reports released by brokerage houses in July and August 2009. On many occasions their recommendations regarding the purchase of shares in a given company brought negative results.

To quote one of the most striking examples, brokerage DM BGŻ analysts suggested buying shares of PC Energia and predicted its target price at zł.4. Now these shares have lost 35 percent of their value and their price is 44 percent lower than DM BGŻ envisaged last year.

There were also plenty of mistakes in the other direction. For instance, analysts recommended the sale of shares in banks  BZ WBK, Kredyt Bank, ING and BRE, but they have now gained in value, some, like those of Kredyt Bank, quite significantly.

These investors who trusted AmerBrokers and Ipopema, brokerages that recommended last year buying shares in Helio and ACE, profited the most. These share prices have gone up by 200 percent.

The most accurate brokerage was DM Millennium, which was wrong with a relatively low 19 percent. DM PKO BP recorded 25 percent inaccurate recommendations, while UniCredit made 34 percent.

Poland AM