The main indexes of the Warsaw Stock Exchange were among the strongest in the world on Wednesday, and WIG20 was at its highest level in 2 months, helped by the excellent performance of Orlen and the largest Polish banks.
On Wednesday, October 22, the Polish stock exchange indices stood out not only against the background of European stock exchanges, but also the rest of the world. When trading ended on the WSE, the German DAX lost 0.52%, the French CAC40 retreated by 0.54%. The S&P500 and Nasdaq fell by 0.25% and 0.57%, respectively, during this time.
Meanwhile, WIG20 gained 1.60%, reaching 2,958.78 points – the highest level in 2 months, or more precisely, the day when Andrzej Domański announced the imposition of an additional tax on banks. After Wednesday's session, the blue chip index was only 2.5% away from the bullish record. WIG increased by 1.30%, MWIG40 strengthened by 0.65%, and SWIG80 gained a modest 0.18%.
The turnover on the Warsaw Stock Exchange reached PLN 1.71 billion on Wednesday, of which approximately PLN 1.45 billion was accounted for by trading in shares of companies from the WIG20 index. The leaders in terms of turnover were Orlen (PLN 294 million in turnover), KGHM (PLN 189 million) and PKO BP (PLN 134 million).
It's time to start the results season. The Prime Minister boasts about Orlen's valuation
“We are entering the earnings season for Polish companies. Today, the results will be published by Orange and Kęty, these are rather smaller companies. On Friday, Millenium starts the earnings season for banks. Budimex will publish the report on Monday, Żabka on Tuesday, Alior Bank, Santander, Kruk on Wednesday, and mBank and Pekao on Thursday. The results of Polish companies will show whether this is indeed the case. economy, as shown by macro data, translates into results,” Sobiesław Kozłowski, director of the Analysis and Consulting Department at Noble Securities, commented for PAP Biznes.
Moving on to the company results, in the WIG20 index, the main workhorse on Wednesday was Orlen's shares, which gained 3.46%. The company's capitalization thus reached PLN 109.7 billion, never seen before in the history of the company. Meanwhile, the Prime Minister's Office boasted with a “slight delay” that Orlen's capitalization exceeded PLN 105 billion, which happened on Monday.
📈 Orlen with record valuation!
The company's capitalization exceeded PLN 105 billion, becoming the highest valued company in Polish history.This is proof of the strength of the Polish economy and effective management of strategic sectors. 🇵🇱 pic.twitter.com/biZigCDV1K
— Chancellery of the Prime Minister (@PremierRP) October 22, 2025
On October 22, only LPP shares gained more percentage than Orlen, which overtook the fuel giant in the final stretch, recording an increase of 4.14%. PZU (+2.33%) and banks led by Alior (+2.26%) were also among the strongest WIG20 shares on Wednesday. Next came Pekao (+2.05%), mBank (+1.93%) and Santander (+1.85%).
PKO BP shares gained 1.35%. In an interview published on Wednesday in “Puls Biznesu”, the bank's president, Szymon Midera, and vice-president, Tomasz Pol, talked about the company's plans to achieve its strategic goal for 2027, which is to gain 25% of the loan market and 15 million customers.
WIG-Banki gained 1.79% and was the third strongest sector index on Wednesday after WIG-Paliwa, which, thanks to Orlen, recorded an increase of 3.41% and WIG-Odzież with an increase of 2.41%.
Four WIG20 companies ended Wednesday's session: PGE (-0.45%), Kruk (-0.46%), Żabka (-0.50%) and CCC (-1.79%). Funds shorting the latter are not giving up. In approximately 2 weeks, CCC will present preliminary results for the third quarter, which may introduce new dynamics to the company's shares.
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
JSW will not receive PLN 1.6 billion in refunds
Among medium-sized companies, JSW shares fell the most on Wednesday (-4.11%). Minister of Finance and Economy Andrzej Domański said in Program I of Polish Radio that the solidarity contribution will not be returned to JSW and cost-related actions are necessary. Thus, the company must abandon hopes of receiving PLN 1.6 billion. During the session, JSW's prices dropped by up to 8%.
Similarly to the blue chip index, bank stocks also stood out positively in MWIG40. ING shares gained 2.58%, BNP Paribas Bank Polska quotations strengthened by 2.35%. Millennium securities increased by 2.23%.
Finally, it is worth adding that the Polish market is one step closer to the next large IPO. On Wednesday, the Polish Financial Supervision Authority approved the prospectus of Smyk Holding, which was prepared in connection with the planned initial public offering.
Prepared by MM
