Construction turns a corner

The end of May and the beginning of June witnessed a phenomenon that had not been seen on the Warsaw Stock Exchange for a long time - the Polish trading floor behaving differently to the main stock exchanges abroad When the indexes of the biggest global exchanges each lost app. 2-3 pct during the two weeks around this period (and the Chinese stock exchange lost over 5 pct), the Polish indexes (the WIG and WIG 20) each gained app. 1 pct. Foreign stock exchanges were pulled down by the fiscal problems of the Western economies (the fight for budget reforms in the American Congress and the lowering of the ratings of more countries, including Italy). The rises in Poland were facilitated by good economic data (an increased in Q1 GDP to 4.4 pct and the enormous 18 pct growth in retail sales in April). Investors started to believe that the forecasts of around 4 pct economic growth were actually realistic. However, the bad news reached investors on the WSE just before the second half of June a