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1241 GMT 25July2008 Orco, banks weak on mortgage stats
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Erste Bank <> and Komercni Banka <> drop 3.6 percent and
4.1 trade and developer Orco Property Group <ORCO.PA> sheds 5.2 percent in
afternoon trade in Prague after a report points to lower Czech mortgage lending.
Government statistics showed on Thursday that mortgage lending in the Czech
Republic dropped 20 percent in the first half of the year.
"This has put some pressure on the banking sector in line with the current
U.S. sentiment (on the sector)... and could be view as negative for the real
estate sector," says trader Martin Stuchlik of Patria Finance.
rm://jason.hovet.reuters.com@reuters.net
0856 GMT 25July2008 Raiffeisen cuts KGHM to 'sell'
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Raiffeisen Centrobank cuts copper group KGHM <KGHM.WA> to "sell" from "hold"
and sets price target at 68.65 zlotys. KGHM extends losses and is down 4 percent
to 76.50 zlotys, its lowest in more than two years.
"The significant pull back in KGHM's share price as of late suggests that
our lowered earnings estimates have already been priced in, but believe that
downside risk persists," the brokerage writes.
For more research double click []
rm://chris.borowski.reuters.com@reuters.net
0852 GMT 25July2008 Czech Telefonica gains after Q2 results beat forecasts
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Telefonica O2 Czech Republic <> rises 0.8 percent to outperform a
falling Prague market after a forecast-beating 30 percent jump in quarterly net
profit on the back of real estate sales.
"The results were above expectations," says Wood & Co. trader Vladimir
Vavra, adding they can be taken positively. "Even though sales were flat, the
company targets an increase."
For more details on Q2 results double click []
rm://jason.hovet.reuters.com@reuters.net
0847GMT 25July2008 - KGHM falls to more than 2 year low
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Polish copper miner KGHM <KGHM.WA> falls 3.8 percent to the lowest level in
more than two years as recent decline in copper prices and a 'sell' call from
one of major brokerages heightened worries over prospects for one of Warsaw's
most heavily traded stock.
"The market is worried by falling copper prices and we also had a negative
recommendation (from Deutsche Bank)," said Piotr Bogusz, broker at UniCredit in
Warsaw.
"The strong technical support at 80-81 zlotys had been broken, which is also
negative and the market is turning away from the stock."
rm://marcin.goettig.reuters.com@reuters.net
0824GMT 25July2008 - BZ WBK ups PGNiG to "overweight", cuts price target
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BZ WBK brokerage raises its recommendation for gas distributor PGNiG
<PGNI.WA> to "overweight" from "neutral", but cuts its price target to 4.80
zlotys 5.00 after a dividend payout.
"PGNiG, which will likely soon increase its weight in the key MSCI and
domestic indices, is still traded at a double digit discount versus west
European peers," BZ WBK writes in a report dated July 24.
rm://chris.borowski.reuters.com@reuters.net
