Midweek market snapshot: 24 March 2020
The WIG20 index rebounded on Tuesday after losses on Monday and a dire month – although it fell short of the growth recorded in other international markets. With a digital export base and literally a captive market, Poland’s video game industry once again performed strongly.
The WIG20, the Warsaw Stock Exchange’s main index, made up some ground by the close of trade on Tuesday with a 3.2% gain after a 5.6% decline on Monday. With a digital export base and literally a captive market, Poland’s video game industry once again performed strongly, just as it has done for most of the month. CD Projekt (CDR), producers of the Witcher series, recorded a 4.3% rise in the WIG20, while in the lower mWIG40 index, comprising 40 medium-sized companies listed on the exchange’s main list, the video game producers of Ten Square Games (TEN: +10.67%), PlayWay (PLW: +8.42%) and 11 Bit Studios (11B: +6.25%) came out on top.
But tempering the results, the WIG20 did not see the same growth as other markets around the world. For example, the S&P 500 and DAX registered nearly 9% growth. A government announcement in the early afternoon about additional quarantine measures may have played a role in spooking the market towards the close of trade and thus preventing it from reaching the same potential as other markets.
The state-owned financial institutions of PZU Insurance (PZU) and PKO Bank Polski (PKO) also saw gains in the WIG20 with +3.66% and +4.01 gains respectively, while energy giant PKN Orlen rose by just under a percentage point.