Poland’s benchmark WIG20 Index rose the most in a week, led by banks and refiners, after investor confidence in Germany, Poland’s biggest trading partner, unexpectedly rose for the first time in 10 months in December.
The WIG20 Index climbed as much as 1.8 percent to 2,213.77, the biggest intraday gain since Dec. 5, and was 1.6 percent higher at 2,209.60 at 12:14 p.m. in Warsaw.
The ZEW Center for European Economic Research in Mannheim said its index of investor and analyst expectations, which aims to predict economic developments six months in advance, rose to minus 53.8 from a three-year low of minus 55.2 in November, indicating Germany, Europe’s largest economy, is weathering the region’s debt crisis. Economists forecast a drop to minus 55.8.
Polish stocks rallied “just after the ZEW data from Germany, which boosted sentiment here,” Sebastian Siejko, managing director at Wood & Co. in Warsaw, said by phone today.
PKO Bank Polski SA, Poland’s biggest bank, rose 2.2 percent to 32.93 zloty and Bank Pekao SA, majority-owned by UniCredit SpA, increased 3.7 percent to 143.7 zloty, heading for the biggest gain in almost two weeks.
PKN Orlen SA, Poland’s biggest oil company, climbed 2.3 percent to 37.92 zloty and Grupa Lotos SA, the second-largest refiner, increased 2.9 percent to 24.5 zloty, rebounding from a two-month low. Crude oil rebounded from a two-week low after the German confidence report and a debt sale in Spain that exceeded targets countered concern Europe’s credit ratings may be downgraded.