News Parkiet

Banking & finances

Pekao surges on broker mistake

Shares of Pekao SA rose 12.7 percent to an all-time high at the close of Monday?s session after an apparent mistake by an HSBC broker executing large trade.

Poland?s second largest listed company was up 15 zloty to 133.5 zloty after last-minute ?must be filled? order without price limit, costing the hapless broker almost 300.000 zloty, traders said. The stock was gaining 1.3 percent before the transaction.

Some brokers blamed afternoon snowstorm over Warsaw for the mistake, citing data transmission problems.

Personal savings

Capital gains tax refunds possible, experts say

Retail investors in Poland will be able to make tax claims for losses on their mutual fund investments, legal experts told PARKIET on Monday. Mutual fund investors will have to make individual claims at their local Tax Offices, deducting their losses from capital gains taxes paid at the end of April.

Since January Poland begun levying 19 percent capital gains tax on all stock market gains and mutual fund investments.

Chemicals

Boryszew a ?screaming buy?, CDM Pekao says

CDM Pekao brokerage house has issued its first ever stock rating for Boryszew chemicals group ahead of company?s secondary public offering, scheduled next week. Three main Boryszew companies, including publicly traded Boryszew antifreeze maker, Oława, which makes specialty paint additives and Elana plastics manufacturer have a combined value of at least 509 million zloty, or 91 zloty per share, CDM?s Rafał Jankowski wrote in his latest report. Jankowski estimates the company will post approximately 31 million zloty in net earnings for 2003. Sales of the chemicals holding controlled by secretive private businessman Roman Karkosik are set to rise to over 1 billion zloty ($260 million) this year.

Boryszew has already announced plans to sell 700.000 new shares, raising new funds to acquisitions and market expansion. Details of the SPO will be published later this week.

On the WSE, Boryszew closed at a new all-time high of 81.5 zloty after gaining 4.5 percent.

Information Technology

Simple cuts forecast for 2003

Simple software maker has once again reduced its forecast for 2003. Warsaw-based firm now says it expects net losses of some 1.1 million zloty on sales of PLN 12.8 million. It originally said its sales would grow to 23 million zloty, with 4.8 percent net margins.

Simple, which makes accounting software for SME sector said it probably won?t publish its forecast for 2004 citing ?unstable market conditions.

Insurance

KBC takes over Warta

Belgian KBC group has completed its bid for 23.7 percent stake in Warta, Poland?s second largest insurance firm. The Belgians bought 1.92 million shares from minority investors and from Kulczyk Holding after offering 229 zloty per share. KBC now has over 6 million shares of Warta representing almost 75 percent of outstanding stock.