Petrolinvest up 11 pct on reported Templeton buy

WARSAW (Reuters) - Shares in Polish upstream oil group Petrolinvest PROL.WA jumped 11 percent on Tuesday after a local business tabloid reported that U.S.-based asset management firm Franklin Templeton bought a stake in a recent share issue, traders said.

By 1132 GMT Petrolinvest shares were up 11.1 percent at 310 zlotys ($135.5), valuing the company at $800 million.

"An investment by a large market player makes the company more credible," said Marcin Palenik, analyst at Millennium in Warsaw.

Franklin Templeton declined to comment on a report in Puls Biznesu daily that it was among several investors to take a stake in an 80 million zloty share issue completed earlier this month.

Petrolinvest, whose largest investor is Polish tycoon Ryszard Krauze, has focused on extracting oil in Kazakhstan.

(Reporting by Chris Borowski and Piotr Bujnicki, editing by Will Waterman)