Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Ciech Falls Most in 3 Months on Sign Shares May Be Overbought

June 27 (Bloomberg) -- Ciech SA, a Polish chemicals maker, declined the most in more than three months as a technical indicator suggested the stock’s rally was overdone.

The shares tumbled as much as 8.6 percent to 19.6 zloty, the steepest intraday decline since March 20, and traded 3 percent lower at 20.8 zloty as of 9:43 a.m. in Warsaw. Ciech’s 14-day relative strength index stood at 83 at the close yesterday. A reading above 70 indicates to some technical analysts a security may fall. The RSI was at 71 today.

Ciech, controlled by the government, has risen 19 percent this year, compared with a 5.3 percent gain in the WIG20 Index. Poland’s Treasury Ministry said this month it’s seeing investor interest in the country’s chemicals producers.

To contact the reporter on this story: Piotr Bujnicki in Warsaw pbujnicki@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.