The past week on the Warsaw Stock Exchange was marked by the dominance of the sell side, with the WIG20 index recording its third worst week this year. The weakness of the Polish zloty against the dollar further weighed on the market.
All four main indices ended the week in the red. The WIG20 fell 2.9% over the five sessions, the broad WIG dropped 2.7%, the mWIG40 lost 2.8%, and the sWIG80 declined by exactly 2%. The 2.9% decline in the WIG20 is the third largest weekly loss in 2026, after a 5% drop in early March caused by the outbreak of war in the Middle East and a 3.9% fall at the end of April.
Just two weeks ago, the WIG20 hit a new cyclical high of 3,787.8 points. Since then, it has steadily retreated, and Friday’s close was nearly 6% below that record. The index finished the week under 3,600 points, though slightly above its sharp mid-week low.
Zloty weakness and blue-chip sensitivity
The zloty weakened by about 5 groszy against the dollar and almost 3 groszy versus the euro. This depreciation, combined with a sell-off in global equity and commodity markets, was the main driver of the decline. The copper price correction of 4% hit KGHM especially hard – its shares fell 10% for the week, though the stock is still up 17% year-to-date. At PLN 327.7 per share, the copper giant is valued at over PLN 65.5 billion.
Among the largest companies, only Żabka and Pepco managed to end the week in positive territory. Pepco received an upgrade from Citigroup analyst Rafał Wiatr, who raised his recommendation to 'buy’ with a price target of PLN 40. The stock closed Friday at PLN 37.15. Żabka announced it would open almost 170 seasonal outlets for the summer.
Newcomers and tech stocks under pressure
In the correction-heavy environment, a recent debutant – Syn2bio, a radiopharmaceutical company spun off from Synektik – jumped nearly 20%. In contrast, Creotech Quantum suffered a sharp 23% correction, while its parent company Creotech Instruments fell 10%. Cyfrowy Polsat dropped about 9% after its shareholders’ meeting denied discharge to Zygmunt Solorz and his wife.
– The weakness of the zloty, observed in the first half of the week, and the correlation of the WIG20 with the USD/PLN pair decided the weekly loss of the blue-chip index. The entire week was a demonstration of the WIG20’s sensitivity to broadly understood base markets, from stocks through commodities to currencies. Technically, demand once again countered supply when the WIG20 approached the 3,530 level, which builds local support at that point on the chart, but the weekly perspective still encourages looking towards 3,500 – said Adam Stańczak, analyst at DM BOŚ.
Źródło: WNP.PL, Fot. MOZCO / Shutterstock
