Bloomberg News

Polish Stocks: KGHM, Lotos, Orlen, Pekao, PKO Bank, PZU Shares

October 04, 2011

Oct. 4 (Bloomberg) -- Poland’s WIG20 Index slumped 56.72, or 2.6 percent, to close at 2,089.84 at 5:30 p.m. in Warsaw, the lowest close since August 2009.

The following are among the most active stocks on the Warsaw Stock Exchange today. Stock symbols follow company names.

PZU SA (PZU PW), Poland’s biggest insurer, slumped 10.8 zloty, or 3.5 percent, to 294.2 zloty, the lowest level since the stock started trading in May 2010. PKO Bank Polski SA (PKO PW), the country’s biggest bank, fell 0.76 zloty, or 2.4 percent, to 31.19 zloty and Bank Pekao SA (PEO PW), a unit of UniCredit SpA, lost 4 zloty, or 3 percent, to 131.1 zloty.

Financial shares slumped across Europe on deepening concern policy makers won’t be able to resolve the region’s debt crisis.

KGHM Polska Miedz SA (KGH PW), Poland’s sole copper producer, fell for a fifth day, sliding 6.5 zloty, or 5.2 percent, to 117.5 zloty. Copper fell on concern metals demand may weaken as a worsening European sovereign-debt crisis saps economies.

PKN Orlen SA (PKN PW), Poland’s biggest oil company, sank 1.02 zloty, or 2.9 percent, to 33.98 zloty. Grupa Lotos SA (LTS PW), the second-largest refiner, tumbled 1.26 zloty, or 5.3 percent, to 22.7 zloty.

Orlen expects to book financial losses of “several hundred million” zloty in the third quarter from revaluation of foreign-currency debt due to the weaker zloty, Chief Financial Officer Slawomir Jedrzejczyk said today. Separately, oil fell to its lowest in more than a year in New York on signs of rising production from Libya and concern about slowing economies in Europe and the U.S.

--Editors: Stephen Kirkland, Peter Branton

To contact the reporter on this story: Pawel Kozlowski in Warsaw pkozlowski@bloomberg.net Monika Rozlal in Warsaw at mrozlal@bloomberg.net

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


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