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1335 GMT - WARSAW'S MAIN WIG20 INDEX DROPS TO NEW LOW
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Warsaw's main WIG20 index <> fell 2.4 percent to a new
2008 low of 2669.2 points in late afternoon trade on Wednesday
as investors continued to dump Polish shares over economic
growth worries.
The index recovered some ground and was down 1.5 percent by
1330 GMT. The year's previous lowest level was at 2669.5 set in
late January.
"This is a result of a compilation of several negative
factors," said Wojciech Wosko, a broker at BZ WBK.
"Technical factors look bad, foreign investors are selling
and local investment funds are also boosting their cash position
for possible withdrawls by clients."
Some of the biggest losers among the Polish stocks were IT
group Asseco Poland <SOBK.WA> (-7.4 percent), financial group
Getin <GETI.WA> (-5.1 percent) and developer JW Construction
<JWCA.WA> (-4.9 percent).
"Nobody's putting money on the table. From experience I know
from now on there will be more pension fund redemptions and
further falls," said a broker at another Warsaw bank. "We're in
a bear market."
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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.
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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.
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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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