Polish stocks suffer sharpest fall since June
Polish stocks fell sharply on Thursday, with the WIG20 losing 1.94% and dropping below 4,000 points in its biggest decline since June 24. The broader WIG fell 1.61% to 150,954 points, while the midcap mWIG40 and smallcap sWIG80 lost 0.80% and 0.78%, respectively. Total trading in WIG constituents totaled PLN 2.18 billion, including PLN 1.78 billion in the largest companies. The selloff contrasted with gains on Wall Street following Nvidia’s earnings.
Banks contributed heavily to the decline. The WIG Banks index fell 2.71%, a day after reaching a record closing level. Pekao dropped 3.05%, PKO BP lost 2.97% and mBank declined 2.87%. Bank Handlowy fell 3.38% after second-quarter net profit missed analyst expectations by 6.5%. Bankier.pl linked the weakness to geopolitical concerns, while noting uncertainty over the precise trigger. The złoty also weakened as investors reduced exposure to Polish assets.
Source: bankier.pl