A disappointing summer

Investors have been relatively inactive, which is typical at this time of year. At the end of June and the beginning of July, little of importance happened on the stock market, even if the second half of the year usually provokes more activity among institutional investors. Furthermore, the market was negatively affected by the Monetary Council's decision to increase interest rates by 0,5 pct. During the first half of July the market rose slightly, thanks partly to the passage of amendments to the pension and benefit indexation law - important elements of the Hausner Plan. The second half of July was less good, with bears in charge and only lacklustre turnover. As a result the WIG-20 index fell to the 1650 points level. Companies will soon be reporting their second quarter results and investors are acquiring shares, particularly of blue-chip firms, pinning their hopes on good results. Budimex, a construction company listed on the WSE, has already reported its results and they are a bit