Warsaw (Puls Biznesu) – In the last thirty minutes of trading today, PKN Orlen fuel giant was losing nearly 3 percent. As the company constitutes 15.75 percent of WIG20 index portfolio, the latter was losing 1 percent. It seems that pension funds did not like it.
Several big transactions changed everything. GTC ended the day 2.9 percent higher although it was shedding PLN 2 against Tuesday prices. TP telecom, which just minutes earlier was unchanged, ended 1.8 percent higher. Pekao bank, which was also falling, ended 1 percent up. Bank BPH in an instant grew by 2.6 percent. In result, the WIG20 index rebounded by 25 points and ended 0.05 percent higher.PKN Orlen was decreasing after Fitch rating agency said that its possible acquisition of Tupras (considered in a consortium with Turkish Zorlu) could endanger PKN Orlen’s solvency if the transaction was financed with debt. Fitch is not sure that the acquisition of the Turkish refinery will result in meaningful economic profits other than geographical diversification.
Poligrafia, which jumped 94 percent on Tuesday, today shed 17 percent. Investors might be discouraged by the news that the securities and exchange commission KPWiG is closely watching share changes. The management have warned that recent changes might be due to speculative trading. Mostostal Zabrze construction company fell 7 percent after bankruptcy officer decided that its 18-percent stake in another construction company – PRInz – was to be transferred to BGZ bank.
Poland/Stock market report