KGHM stock falls on rumors of Bank PKO BP sellout

This occurred after the market was hit by rumors that bank PKO BP was withdrawing from the company and planning to keep less than 5% of the firm's stock after finalizing all transactions. This means that if the bank wants to continue selling the shares, it will not have to publicly announce such actions. So far the bank has not made any declaration about selling the stock, although such a statement is widely expected. "This is psychology. The supply should not cause a fall in the price. The market will be hit by a block of shares worth $100 million. That is not much," said Krzysztof Kaczmarczyk, DB Securities analyst. PKO BP was the only shareholder, other than the State Treasury, which had a stake exceeding 5% in KGHM. (Puls Biznesu, p. 11) A.K.