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Orlen Declines as PKO Bank Cuts Refiner to Sell: Warsaw Mover

Jan. 4 (Bloomberg) -- PKN Orlen SA fell the most in a week after PKO Bank Polski SA’s brokerage downgraded Poland’s largest oil refiner to sell on a deteriorating outlook.

The shares slumped as much as 3.4 percent, the most since Dec. 28, and closed 2.1 percent lower at 51.3 zloty in Warsaw. Today’s volume on the stock was 8 percent higher than the three-month daily average, according to data compiled by Bloomberg.

The current year will be “worse” for the company on a year-on-year basis due to “significant volatility of the macroeconomic environment, fall in refining margins and rising supply of the refinery capacities,” Monika Kalwasinska, a Warsaw-based analyst at PKO, said in a note today.

The refining margin dropped to $1.2 per barrel in December from $3.8 a barrel in November, Orlen said on its website yesterday. PKO cut the refiner from hold and raised its share-estimate to 39.14 zloty from 35.31 zloty.

To contact the reporter on this story: Piotr Bujnicki in Warsaw at pbujnicki@bloomberg.net

To contact the editor responsible for this story: Wojciech Moskwa at wmoskwa@bloomberg.net

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