Nov. 30 (Bloomberg) -- Poland’s benchmark stock index headed for the highest close in more than a week as banks and commodity producers advanced after a report showed gross domestic product grew faster than economists forecast.
The WIG20 Index jumped 2.1 percent to 2,227.60 at 12:51 p.m. in Warsaw, after falling 1.3 percent yesterday. The gauge extended gains after China’s central bank said it will cut its reserve requirements ratio for banks by 0.5 percentage point.
“The GDP data from Poland and the decision on reserves in China is what helped stocks rebound today,” Michal Skowronski, a trader at Wood & Co. in Warsaw, said by phone.
Poland’s economy grew 4.2 percent in the third quarter from a year earlier, exceeding the 4 percent median estimate of 30 economists surveyed by Bloomberg as investment and consumer demand accelerated while a weaker zloty helped boost exports, the Warsaw-based Central Statistics Office said. The data show the economy isn’t really slowing, central bank Governor Marek Belka said in an interview with TVN CNBC television today.
PKO Bank Polski SA rallied 3 percent to 32.55 zloty as Chief Executive Officer Zbigniew Jagiello said Poland’s biggest bank will report record net income this year.
PKN Orlen SA, the country’s largest oil company, gained 3.4 percent to 39.3 zloty, heading for the highest close in two weeks. Refining margins are likely to be better in the fourth quarter than in the third, Chief Financial Officer Slawomir Jedrzejczyk told reporters today.
Grupa Lotos SA, the country’s second-largest refiner, added 2.6 percent to 24.52 zloty, rebounding from the steepest daily drop in two months yesterday.
--Editors: Peter Branton, Linda Shen
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