STOCKS NEWS EMERGING EUROPE-PKN, Lotos lead modest recovery

                                
 STOCKS NEWS                     Reuters           Regional
Stocks
                                
 Stocks on the move [HOT-RTRS]   Real-time Equity News [E]
 [.CEE]
                                
 REGIONAL INDICES
                                
 Warsaw WIG20 <.WIG20>          Bucharest Beti <.BETI>
                                
 Budapest SE Index <.BUX>       Prague PX <.PX>
                                
 Zagreb Crobex <.CRBEX>         Sofia Sofix <.SOFIX>
                                
 Ljubljana SBI20 <.SBI>         Istanbul ISE National 100
<.XU100>
                                
 
                                
 1245 GMT - Polish refiners, Swiecie lead modest recovery
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 Polish refiners PKN <PKNA.WA> and Lotos <LTOS.WA> are among
the biggest gainers in Warsaw in later afternoon trade as some
investors buy recently discounted shares. PKN, also helped by a
higher target price set by Credit Suisse, is up 2.7 percent,
Lotos 3.4 percent.
                                
 Traders say buyers snapping up several stocks seen as more
able to weather an economic slowdown and could even benefit from
soaring oil prices.
                                
 Also among the top rebounding stocks are bathroom fixture
maker Cersanit <CRSA.WA> and paper maker Swiecie <CELA.WA>, up
2.6 and 3.6 percent.
                                
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 1100 GMT - Pegas at new low on weak trade, oil price
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 Shares in Czech artificial textiles maker Pegas Nonweovens
<PGSNsp.PR> plunges to an all-time low of 414 Czech crowns and
is one of the region's biggest losers, down 4.5 percent.
                                
 "Overall sentiment is bad, and concerning Pegas, there might
have been some stop-loss order or other one-off transaction that
send the stock lower," said an analyst at local brokerage
Atlantik FT.
                                
 Some analysts said Pegas is also feeling the pain of growing
crude prices, which affect costs of materials it uses, though
the firm is able to pass most of the rising imput costs on to
its customers due to long-term contracts.
                                
 For more news on Pegas double click on [PGSNsp.PR]
                                
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 0740 GMT - Warsaw briefly falls to new two-year low at open
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 Warsaw's main WIG20 index <.WIG20> briefly reaches a new
two-year low of 2,668.8 points at the start of the session
before edging up. The index is up 0.1 percent at 0740 GMT.
                                
 Other regional indices also nearly flat. Prague's PX
unchanged, Budapest's SE index down 0.1 percent. Only
Bucharest's Beti <.BETI> sees a more significant drop, down 0.8
percent.
                                
 "We'll be seeing some nervous mevements today," says one
Warsaw trader.
                                
 Some developers continue slide, with Orco Property
<ORCOsp.PR> and JW Construction <JWCA.WA> each down 3.4 percent.
                                
 
                                
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