Warsaw (Puls Biznesu) – On Tuesday, falls started on Monday continued. KGHM copper producer and PKN Orlen were decisive for the stock exchange today. Plus ‘an important political statement’ to be made later by PM Marek Belka. If he joins Democratic Party, the government will be dismissed and elections will be conducted earlier than planned.
In the morning, ING lowered its recommendation for KGHM from ‘buy’ to ‘sell’ and lowered the target share price to PLN 24 (EUR 6.1) from 34. Investors starting selling not only the copper producer but also the other blue chips. WIG20 ended 0.17 percent lower at 2088.8. KGHM ended the day 1.8 percent lower. TPSA telecom and PKN Orlen fuel giant remained unchanged. PKO BP bank shed 0.4 percent. Computerland, which presented disappointing results, fell, too. Polimex, which published good results and reached agreement with Wawel to go on with the construction of its plant, added.
(PLN 1 = EUR 0.256)Poland/Stock market report