Shares in Polish developer Capital Park fall on Warsaw debut
WARSAW Dec 13 (Reuters) - Shares in Polish real estate company Capital Park fell sharply after the firm's debut on the Warsaw Stock Exchange on Friday.
The shares dropped 2.3 percent shortly after trading started and they were down nearly 11 percent by 0914 GMT.
Capital Park is the 21st company to list on the Warsaw bourse this year as Poland's buoyant economy and low interest rates have boosted investors' appetite for new listings.
But unlike the rail freight company PKP Cargo or train maker Newag, the debut of Capital Park and also Energa earlier this week have fallen flat as the market turned bearish.
Investors have become more cautious in anticipation of a scaling back of economic stimulus by the U.S. Federal Reserve.
The company had set the price for its stock market listing at 6.5 zlotys per share last month.
Capital Park planned to use the 136 million zlotys ($45 million) from the share sale for its commercial and housing projects in Warsaw.
Another factor affecting share listings in Warsaw is the overhaul of Poland's pension fund system, which will require private pensions funds, key players on the Warsaw bourse, to transfer half of their assets to the state. ($1 = 3.0413 Polish zlotys) (Reporting by Agnieszka Barteczko. Editing by Jane Merriman)
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