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CEE MARKETS-Warsaw stocks retreat, though refiner shares extend gains
2017年2月17日 / 上午11点14分 / 9 个月前

CEE MARKETS-Warsaw stocks retreat, though refiner shares extend gains

    * Warsaw stocks off 18-month high on profit taking
    * Bank stocks lead retreat, Polish refiners rise further
    * Zloty also retreats though good output figure expected
    * Czech central banker sees moderate price growth

    By Sandor Peto and Bartosz Chmielewski
    BUDAPEST/WARSAW, Feb 17 (Reuters) - Polish stocks retreated
on Friday, while other Central European markets trod water, as
investors took profits after a rally in equity markets across
the region and world.
    Warsaw's bluechip stock index had fallen 0.6
percent by 1021 GMT, driven mainly by bank stocks including PKO
BP, which had fuelled the rally of the past few weeks.
    The index hit an 18-month high in the previous session when
other indices in the region were already retreating from their
highest levels since 2015, or from a record high in the case of
Budapest.
    Thursday's Polish rally was mainly driven by PKN Orlen
 and Lotos, after Treasury Minister Henryk
Kowalczyk floated the idea of merging the two partly state-owned
refiners.
    Late on Thursday, Polish news agency PAP quoted an energy
ministry statement as saying it was not analysing the potential
consolidation of refiners.
    Lotos shares still rose another 1.9 percent on Friday, while
PKN gained 1 percent.
    Vestor DM analyst Beata Szparaga said a merger could still
be an option for the government even if the energy ministry was
not working on a plan.
    "It seems that the market already tries to capitalize from
potential synergies between Lotos and PKN Orlen," she added.
    Poland's zloty also retreated, reversing an early
rise, while other regional currencies were mixed and rangebound.
    The zloty eased 0.3 percent to 4.328 against the euro even
though analysts expect Poland to report at 1300 GMT a jump in
annual industrial output growth to 7.8 percent.
    A series of better than expected economic data has helped to
buoy Polish stocks and the currency in recent weeks, pushing the
zloty past 4.3 several times, but it has not been able to stay
beyond that psychological line.
    "We would now expect to see a rebound towards 4.35-4.40 in
the near-term," Raiffeisen analyst Wolfgang Ernst said in a
note.
    "Nevertheless, it has to be stated that supportive economic
data should prevent a more significant depreciation in the zloty
for the time being," he added.
    The Czech crown stuck to 27.02 against the euro,
just off the central bank's cap on its value at 27.
    Its implied rate in forwards deals was also
steady.
    Czech central bank governor Jiri Rusnok said late on
Thursday that moderate price growth in the Czech economy was
likely to continue and a suitable time would come for the
central bank to exit safely from its weak crown policy.

    
              CEE        SNAPS   AT  1121          
              MARKETS    HOT    CET           
                         CURRENCIES                
                         Lates  Previ  Daily  Chang
                         t      ous           e
                         bid    close  chang  in
                                       e      2017
 Czech crown             27.02  27.02   +0.0  -0.05
                            00     45     2%      %
 Hungary                 307.9  307.6  -0.08  0.30%
 forint                    000    500      %  
 Polish                  4.328  4.315  -0.30  1.75%
 zloty                       0      1      %  
 Romanian                4.519  4.522   +0.0  0.35%
 leu                         0      5     8%  
 Croatian                7.447  7.442  -0.07  1.44%
 kuna                        5      5      %  
 Serbian                 123.8  123.9   +0.0  -0.42
 dinar                     700    000     2%      %
 Note: daily  calculate  previ  close  1800        
 change       d from     ous    at     CET    
                         STOCK                     
                         S                    
                         Lates  Previ  Daily  Chang
                         t      ous           e
                                close  chang  in
                                       e      2017
 Prague                  969.8  971.0  -0.13   +5.2
                             2      8      %     3%
 Budapest                33709  33745  -0.10   +5.3
                           .96    .02      %     3%
 Warsaw                  2201.  2215.  -0.62   +13.
                            58     36      %    02%
 Bucharest               7708.  7711.  -0.05   +8.7
                            13     84      %     9%
 Ljubljana               763.5  762.8   +0.0   +6.4
                             4      9     9%     0%
 Zagreb                  2177.  2180.  -0.16   +9.1
                            14     57      %     4%
 Belgrade     <.BELEX15  711.7  708.8   +0.4  -0.79
              >              2      2     1%      %
 Sofia                   596.9  594.1   +0.4   +1.8
                             6      8     7%     0%
                         BONDS                     
                         Yield  Yield  Sprea  Daily
                                       d      
                         (bid)  chang  vs     chang
                                e      Bund   e in
 Czech                                        sprea
 Republic                                     d
   2-year     <CZ2YT=RR  -0.40  -0.00   +040   +2bp
              >              1      9    bps      s
   5-year     <CZ5YT=RR  0.241  -0.01   +070   +3bp
              >                     4    bps      s
   10-year    <CZ10YT=R  0.666  -0.03   +036   +1bp
              R>                    4    bps      s
 Poland                                            
   2-year     <PL2YT=RR   2.23  0.008   +303   +4bp
              >                          bps      s
   5-year     <PL5YT=RR  3.163  0.002   +362   +4bp
              >                          bps      s
   10-year    <PL10YT=R  3.826  -0.01   +352   +4bp
              R>                    3    bps      s
              FORWARD    RATE   AGREEMENT          
                         3x6    6x9    9x12   3M
                                              inter
                                              bank
 Czech Rep            <   0.27   0.29   0.34      0
              PRIBOR=>                        
 Hungary              <   0.38   0.52   0.65   0.24
              BUBOR=>                         
 Poland               <   1.77   1.82  1.897   1.73
              WIBOR=>                      5  
 Note: FRA    are for                              
 quotes       ask                             
              prices                          
 

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