Bloomberg News

Polish Stocks: KGHM, Orlen, PGE Shares Move on Warsaw Exchange

December 15, 2011

Dec. 15 (Bloomberg) -- Poland’s WIG20 Index declined 12.62, or 0.6 percent, to 2,161.32 at the 5:30 p.m. close in Warsaw. The measure has plunged 21 percent this year.

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

KGHM Polska Miedz SA (KGH PW), Poland’s sole copper and silver producer, slumped 10 percent to 108.4 zloty, falling to a 15-month low after Poland published a draft of the new copper extraction tax bill it wants to implement in 2012. Poland plans to raise about 1.8 billion zloty ($517 million) from the tax and 2.2 billion zloty from the tax in the following years.

PGE SA (PGE PW), Poland’s largest utility, rose 0.9 percent to 20.48 zloty, erasing earlier losses, after Chief Executive Officer Tomasz Zadroga resigned and the supervisory board dismissed Marek Szostek, the deputy chief executive in charge of its trading division.

PKN Orlen SA (PKN PW), Poland’s biggest oil company, fell 1.1 percent to 35.63 zloty as oil reversed earlier gains.

--Editors: Ash Kumar, Peter Branton

To contact the reporter on this story: Pawel Kozlowski in Warsaw pkozlowski@bloomberg.net or Marek Strzelecki in Warsaw mstrzelecki1@bloomberg.net

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


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