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.