PKN Orlen fuel giant loses due to PM’s words

APA - Austria Presse Agentur
21-11-2005, 21:04

Warsaw (Puls Biznesu) – PM Kazimierz Marcinkiewicz said today that fuel companies will have to cut their margins. The Minister of Treasure is meeting the heads of refineries this week to convince them to do that.

Warsaw (Puls Biznesu) – PM Kazimierz Marcinkiewicz said today that fuel companies will have to cut their margins. The Minister of Treasure is meeting the heads of refineries this week to convince them to do that.

Cutting margins means lower profits, no wonder investors did not welcome the news. PKN Orlen dived 2.5 percent while shares worth PLN 205m EUR 51.5m) changed hands, 40 percent of the value of all traded blue chips. WIG20 fell 1.15 percent.

Middle companies were eagerly traded, the MIDWIG index rose 0.3 percent to 2,040.15, its new all-time record. Echo Investment developer gained 6.2 percent. Since March, they have already risen 120 percent. Prochnik clothes producer jumped 17 percent while shares worth PLN 30m changed hands. W.Kruk jewelry group added 5 percent. Prochnik is buying its clothes unit Deni Cler from W.Kruk.

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Podpis: APA - Austria Presse Agentur

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Inne / PKN Orlen fuel giant loses due to PM’s words