STOCKS NEWS EMERGING EUROPE-PKN boosted by trading statement

                                
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 0935 GMT 21July2008 - PKN gets bounce from upbeat earnings comments

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 Polish refiner PKN Orlen <PKNA.WA> jumps 3.5 percent to 37.26 zlotys, its
highest level since July 9, in late morning trade after it said second-quarter
operating profit would rise "significantly" as soaring oil prices boosted the
value of stockpiles.
                                
 In statement late on Friday PKN said inventory gains from record oil prices
made up for softer refining margins and weak dollar, which together reduced the
operating profit by more than 600 million zlotys in the quarter.
                                
 For more details double click on [ID:nL18877939]
                                
 Reuters Messaging: rm://piotr.skolimowski.reuters.com@reuters.net
                                
 
                                
 
                                
 0923 GMT 21July2008 - TPSA gains on hopes of strong Q2 results
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 Poland's largest phone operator TPSA <TPSA.WA> outpaces Warsaw bourse's
blue-chip index with a 2.5 percent rise, on growing speculation the company
would release strong second-quarter results next week.
                                
 "Investors expect the company to publish good results next week, which only
strenghtens the stock's defensive play status," said Wojciech Wosko, trader at
BZ WBK in Warsaw.
                                
 The stock ios also boosted by TPSA's plans to launch a 700 million zloty
($344 million) share buyback before the end of the month. It will publish its
second-quarter results on July 30, when it may also up its full year targets.
                                
 Reuters Messaging: rm://adrian.krajewski.reuters.com@reuters.net

                                
 
                                
 0750 GMT 21July2008 - Erste cuts Orco price target, keep at "buy"
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 Erste Bank cuts its target price for Orco Property Group <ORCOsp.PR> to 48
euros from 129, but keeps a "buy" rating based on the developer's current
depressed value. It also cautions the developer is heading for its worst results
in six years.
                                
 "Our 'buy' call is thus based solely on the current depressed valuation of
Orco and the entire CEE real estate sector, which we see as a different story
from mature Western European markets," Erse says in a note.
                                
 Orco shares, which have lost two-thirds of their value since the start of
the year, rise 2.1 percent to 718 crowns at 0740 GMT, while Prague's PX <.PX>
dips 0.1 percent.
                                
 Reuters Messaging: rm://jason.hovet.reuters.com@reuters.net