The essentially calm session on the main indices was much more interesting when it came to specific companies. In WIG20, the price of CCC was lower again, whose shares are now officially held by 10 funds with a short position, requiring the repurchase of shares for a total of over PLN 900 million. In turn, the mWIG40 stock is dominated by JSW, whose rate of return in October exceeded 20%.
Tuesday, October 21, brought consolidation on the stock exchange indices after the strong increases we observed on the stock markets on Monday. Investors are waiting for the resolution of the trade agreement between the US and China.
US President Donald Trump said he expects to reach a fair deal with Chinese President Xi Jinping when the two leaders meet next week in South Korea.
The indices on stock exchanges in Europe were rather slightly positive (DAX, CAC40, FTSE), although in Amsterdam and Madrid they decreased slightly. Wall Street saw a minimal pullback that could be negated at any time.
On the WSE they were similar, i.e. without a clear advantage of one of the parties. The morning on WIG20 was positive, but before noon the red was visible for a moment. In the second part of the day, the index was slightly above the line, but in the end it was below.
The effect of Tuesday's deal was a withdrawal of WIG20 by 0.16%. In turn, WIG was 0.1% lower. mWIG40 (0.09%) and sWIG80 (0.0%) also saw minimal changes. The turnover on the broad market amounted to PLN 1.65 billion, of which PLN 1.33 billion concerned WIG20 companies.
“The market is waiting for two things at this point. The first is the effect of the talks between Scott Bessent and He Lifeng. If they come out with a positive message, it means that next week's meeting between Donald Trump and Xi Jinping will end with at least an extension of the agreement for another three months, and probably even longer,” Kamil Cisowski, director of the Investment Analysis and Advisory Team at DI, told PAP Biznes Xelion.
“The second thing is delayed data from the American economy. Inflation data is scheduled for Friday, despite the fact that the government shutdown is still ongoing,” he added. Let us remind you that the publication of inflation data is planned for Friday, despite the fact that the government shutdown is still ongoing. According to the analyst, the continuation of the earnings season in the US will also have an impact on market sentiment. “The beginning is very promising. Approximately 85 percent of companies are beating forecasts,” he added.
This time, CD Projekt's shares stood out on the WSE (1.97%), which the day before was one of the few in WIG20 that was quoted below the mark. This time, the red rate gained the most in the entire portfolio. The energy sector was still strong, with PGE (1.76%) in the lead. Industry companies also grew in mWIG40: Tauron (2.66%), Enea (2.03%).
Returning to WIG20, it should be emphasized that all large banks were in profit again, except for PKO (-0.13%). However, the shares of Alior gained 1.82 percent, Santander 1.34 percent, mBank 0.46 percent, and Pekao 0.46 percent. Over 1 percent Orange's stock also saw growth.
Yesterday's growth leaders, KGHM (-4.43%) and Orlen (0.29%), were below the line. During the session, Orlen's price managed to improve its annual high and thus its multi-year record, reaching PLN 92.79 per share. At the end of the session, however, almost PLN 1 less was paid, i.e. PLN 91.82. The depreciation of KGHM should be associated with the withdrawal of copper prices and a strong correction in silver prices.
The group of negative prices also includes the prices of shares of LPP (-0.95%), Budimex (-0.55%), Kęty (-0.32%) and, above all, CCC (-5.29%). Since last week's accusations by the analytical company NINGI Research, which accused CCC of accounting manipulations and took a short position on shares, the price of the footwear company has been attracting more and more attention from investors. On Tuesday, the turnover exceeded PLN 100 million again and amounted to exactly PLN 108.8 million. Meanwhile, over PLN 912 million is needed to buy back CCC shares on the market as part of reducing all official short positions regarding the company to zero. The KNF register, after the latest update on October 21, shows that the official “short” position on CCC has as many as 10 (2x Eleva) funds, the total position of which is already 8.17%. net shares.
Let us recall that almost a week ago, when NINGI published its report, seven funds had a short position on CCC shares, the total amount of which was 5.81%. net issued capital. As you can see, the plague of “shorts” is getting stronger, but public short positions do not necessarily mean that the funds reporting them see no further prospects for growth or anticipate declines. In this way, they can implement a broader investment strategy that we do not know, e.g. hedging a long position. In recent days, ELEVA Capital SAS, Wellington Management and DE Shaw & Co have also disclosed their positions.
In the KNF register, the funds already have a short position for a total of 8.17%. net shares* At the current price, their liquidation means purchases for over PLN 900 million –> *Provided that there is no error in the RSS regarding the position of Eleva Capital.
— MichałKubicki (@m_kubickibpl) October 21, 2025
In the opinion of observers, the current bet on CCC shares is about a revision of the composition of the MSCI Poland index, from which the company's shares may fall out during the November revision, which could generate additional supply. Meanwhile, Trigon DM's recommendation appeared on the market, lowering the target price of CCC shares from PLN 260 to PLN 210, but at the same time maintaining the “buy” recommendation.
The second company worth paying attention to is JSW with mWIG40, where the price has had a great session for the third day in a row. In total, the JSW share price has already gained 20.9% since the beginning of the month. On Tuesday, information appeared that the Minister of Energy, Miłosz Motyka, had included JSW in the New Support Mechanism as part of the draft amendment to the Mining Act.
Michal Kubicki
