The past week on the Warsaw Stock Exchange was marked by a clear dominance of sellers. The WIG20 index recorded its third worst week of the year, falling 2.9%, while the broader WIG dropped 2.7%. The sell-off was fueled by global market weakness, falling commodity prices, and a noticeable weakening of the Polish zloty against the dollar.
All four main indices ended the week in the red. The mWIG40 fell 2.8% and the sWIG80 lost exactly 2%. For WIG20, the 2.9% weekly decline ranks as the third worst performance in 2026, after the 5% plunge in early March caused by the outbreak of war in the Middle East and the 3.9% drop at the end of April. Just two weeks ago, WIG20 hit a new bull market high of 3,787.8 points, but has since slid nearly 6% lower, closing Friday below 3,600 points.
Among the largest companies, KGHM suffered the steepest fall, dropping 10% on the back of a 4% correction in copper prices. Despite this, the mining giant is still up 17% year-to-date, with its share price at 327.7 zł and a market cap exceeding 65.5 billion zł. Allegro shares corrected by nearly 6%, though over the last 10 sessions they have gained 9%.
Market context and currency pressure
The sell-off in Polish equities was driven by a combination of external factors: declines on global stock exchanges, falling prices of key commodities, and a broad strengthening of the U.S. dollar. The zloty weakened by about 5 groszy against the dollar and almost 3 groszy against the euro over the week. – The weakness of the zloty, observed in the first half of the week, and the correlation of WIG20 with the USD/PLN pair decided the weekly loss of the blue-chip index. In fact, the whole week was a demonstration of WIG20’s sensitivity to broadly understood base markets, from stocks through commodities to currencies – said Adam Stańczak, analyst at DM BOŚ. Technically, demand once again countered supply when WIG20 approached the 3,530-point level, building local support at that point, but the weekly perspective continues to encourage looking toward the 3,500-point area.
Performance of key companies
Only two companies in the WIG20 ended the week in the black: Żabka Group and Pepco. Pepco shares rose after Citi analyst Rafał Wiatr upgraded the stock to „buy” from „neutral,” setting a target price of 40 zł. On Friday, Pepco closed at 37.15 zł. Żabka announced the opening of nearly 170 seasonal stores for the summer season. In contrast, Cyfrowy Polsat suffered a nearly 9% correction after shareholders voted against granting absolution to Zygmunt Solorz and his wife Justyna Kulka during the company’s annual general meeting. Creotech Quantum saw a sharp 23% correction, while its parent Creotech Instruments fell 10%. A notable exception was Syn2bio, a recent spin-off from Synektik, which surged nearly 20% in the corrective environment.
Źródło: WNP.PL, Fot. MOZCO / Shutterstock
