Stock exchange session 4/11/2025. A declining beginning of November on the Warsaw Stock Exchange

Tuesday's session brought deepening declines on the Warsaw Stock Exchange. The largest companies fell the most, which indicates the activity of foreign capital. This activity, however, was not overly impressive if measured by the value of daily turnover.

WIG20 lost 0.91% on Tuesday and reached 2,978.38 points. It was the fourth out of the last five sessions that ended on the downside after WIG20 celebrated a new bull market peak last Wednesday. However, the WSE's flagship benchmark is still close to the 14-year minimum of 3,060 points.

Among the 20 largest companies, the prices of only four managed to defend themselves from falling. These were the shares of PGE, PZU, Pekao and Santander, which gained by about 0.9%. The remaining 16 finished the day in red. The hardest hit was CCC securities, which were depreciated by 3%. Kęty, LPP and KGHM also lost more than 2%.

WIG20 went down by 0.61% with a not very impressive turnover of PLN 1.23 billion. It is worth noting that on Monday, investor activity on the WSE was clearly lower – yesterday's trading volume was only PLN 1.15 billion and was the lowest since February 4. The stock exchange's “second line” performed significantly better: mWIG40 even managed to gain 0.28%, while sWIG80 returned only 0.12%. Nevertheless, it was a clearly bearish session on the broad market: there were more than twice as many falling stocks as rising ones.

– It looks like November is starting poorly. Interestingly, statistically, for many years until last year, November, apart from April, was one of the best months. It can be said that in 2025 it is the other way around. There was supposed to be a weaker period from May to October, but those months were good or very good in terms of S&P, Nasdaq and WIG20, while the end of October brought the beginning of the depreciation, or in other words, the end of the rally in gold, silver, copper, Bitcoin and Nasdaq and the depreciation in a global perspective,” Sobiesław Kozłowski told PAP Biznes.

The sentiment on the WSE was not improved by the weaker sentiment on foreign markets. The German DAX ended Tuesday's trade almost 0.8% below the mark, and the French CAC40 fell by 0.6%. American indices also turned red, with Nasdaq losses exceeding 1%. The VIX volatility index also rose strongly for the second day in a row. Polish assets were also harmed by the strengthening of the dollar and the weakening of the zloty in relation to the euro.

– The dollar is currently the one on the scales. A stronger dollar means pressure on the weakening of the euro, weakening of the zloty and pressure on MSCI Poland – explained Sobiesław Kozłowski. – It is also worth noting that the credit impulse in China has symptoms of weakness or an inflection point. All in all, several things contribute to this at least temporary realization of profits or reduced optimism – added the analyst.

In terms of sectors, the strongest points of the market were development and energy companies. The latter are among the leaders of this year's bull market on the WSE. Since the beginning of the year, WIG-Energy has gained 87.5%. Including, PGE's shares have gained over 84% since January, and Tauron's have gained as much as 167%.

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