Tribute Sasina and what next? [Closer to the Stock Exchange]

Extraordinary profit tax - the so-called "Sasin's tribute" - which was to apply to all companies generating excess profits, is to be replaced by a new tax, applicable only to companies from the energy and renewable energy sectors. In the draft of the new act, however, the word "tax" does not appear - instead, we deal with the "payment amount" determined each time by the president of the Energy Regulatory Office. So why the Warsaw Stock Exchange ended Tuesday's session only 0,96% above the opening level? Perhaps it is related to the announcement of additional 13 and 14 pensions for Poles. Prime Minister Morawiecki calmed the markets by claiming that the updated social policy does not inflate budget deficit, but according to the calculations of the Chancellery of the Prime Minister alone - the cost of pension indexation will amount to almost PLN 42 billion next year.

Tribute Sasina important only for us

However, investors' attention is focused on the US mid-term elections. According to data for the period 1945-2021, the stock market appeared to be undervalued during the first and second quarters leading up to the mid-term elections. Historical data show, however, that in the last quarter of the election year S&P 500 index achieved an average return of 6,1%. The old saying that markets don't like uncertainty seems to apply here too.

We invite you to the next webinar Closer to the Stock Exchange, in which Maciej Kietliński presents the most important market information and discusses the most interesting companies listed on domestic and foreign stock exchanges.

In the latest webinar:

• How will the 13th and 14th retirement pension affect the moods on the stock market?
• What's next with the bank valuation? 
• Will the US elections support the bulls?

About the host

Maciej Kietlinski - professionally involved in the analysis of capital markets since 2017. He gained the necessary experience in such renowned companies as BGŻ BNP Paribas or Noble Securities. In his last place of work, he specialized in the analysis of listed companies from the dynamically developing gaming sector. He also gave stock exchange comments on TV Biznes24, Parkiet.tv or Inwestorzy.tv and for Forbes, Reuters, Parkiet, Gazeta Wyborcza and PAP Biznes. Kietliński also focuses on development, which is why he is currently working on a doctoral dissertation in economics at the Warsaw School of Economics. CIIA, Investment Advisor or Stock Broker.

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