The year 2013 was a good year for stock markets. Stock exchange indices were on the increase thanks to the signs of the approaching recovery in the global economy and continued high liquidity on the financial markets thanks to the expansive monetary policy of the main central banks. The volatility on the markets increased due to suggestions of the U.S. Federal Reserve concerning the imminent commencement of withdrawal from the quantitative easing programme. They particularly harmed the emerging markets which are heavily dependent on international portfolio capital, whereas their impact on the developed markets was small. The stock exchanges in the USA (the S&P index increased by 30%, breaking the historical record) and in Europe (StoxxEurope600 increased by 17%) enjoyed an excellent level of activity. The Warsaw Stock Exchange continued last year’s positive trend, generating an 8% profit. This occurred in spite of the significant deterioration in companies’ financial results. The WSE was backed by historically low interest rates which made bank deposits and bonds less attractive than shares, as well as the positive outlook for the Polish economy for the years 2014–2015.
@2014 PKO Bank Polski