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1102 GMT - Asseco continues retreat on weak sentiment
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Poland's largest IT group Asseco Poland <SOBK.WA> falls to its lowest level
since February 2007 as investors continue to unload stocks they fear would be
most, affected by a global economic slowdown.
Asseco shares drop 6.2 percent to 58 zlotys, while Warsaw's battered WIG20
index <> is down 0.6 percent.
"Even though there are no individual, fundamental reasons for Asseco's fall,
I think this can be explained by the fact that a slowdown in Europe would
especially affect the IT sector. Asseco would be one of the first victims," says
Erste Bank analyst Daniel Lion.
Another analysts says: "Asseco is the one IT stock in Poland for many
foreign investors. If they want to cut their exposure to the sector, this is the
first thing to sell."
Warsaw's index of technology stocks <.COMP>is down 2.8 percent.
Polish developer JW Construction <JWCA.WA> falls 4.8 percent to 19.99
zlotys, another all-time low. Analysts say the construction industry could also
be among the first sectors to feel the pain of an economic slowdown.
Reuters Messaging rm://piotr.bujnicki.reuters.com@reuters.net
0745 GMT - Unipetrol shares gain on dividend plans
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Shares in Czech refiner Unipetrol <> rise 3.4 percent to 282 Czech
crowns after the company said its shareholders would vote on a dividend payout.
The stock gained as much as 5.2 percent at the start of the session.
"The news does not change the expectations Unipetrol will conduct a buyback
in the second half of the year, which will give the stock another trigger," says
Petr Novak, an analyst at Atlantik.
The proposal was put forward by Unipetrol's strategic shareholder, Polish
oil group PKN Orlen <PKNA.WA>, which was pushed to pay out its own dividend by
its controlling owner, the Polish treasury.
PKN shares edge up 0.2 percent to 37.30 zlotys.
Reuters Messaging rm://jana.mlcochova.reuters.com@reuters.net
0716 GMT - Wood&Co. raises Pegas Nonwovens to 'buy'
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Wood&Co. raises Czech textile maker Pegas Nonwovens <> to 'buy'
from 'hold' and increases its target price to 660 Czech crowns, the brokerage
says in a report dated June 9 that was released on Tuesday.
"With Q1 hinting that market conditions have begun to stabilise, we believe
it is time to get back into the stock," Wood&Co says.
Pegas shares edge up 0.1 percent to 442 crowns.
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Reuters Messaging rm://chris.borowski.reuters.com@reuters.net
