Investors like Orlen and KGHM again. The Warsaw Stock Exchange is booming, and teddy bears are breaking records
The beginning of the year on the Warsaw Stock Exchange brought records for the main indices and quite significant fluctuations in investor sentiment. There were euphoric increases and sudden declines. The last session of the week also brought exciting trading ending with significant increases. After a few days of decline, investors again looked favorably at the shares of Orlen and KGHM. In turn, indices of small and medium-sized companies improved their recent record quotations.
The beginning of January 2026 brought quite a lot of excitement on the WSE. On Friday, January 2, WIG20 gained almost 2.5%, followed by a cosmetic pullback on Monday, January 5, and a strong session on Wednesday, January 7 (1.6%), after a break on Tuesday related to the Epiphany Day. Thursday, January 8, brought the largest decline in blue chips since August last year, reducing them by more than half to over 4%. this year's rate of return.
Interestingly, in recent days the indices on the WSE have followed their own path, to some extent alongside what was happening on foreign stock exchanges. Also worth noting was the relatively high turnover, higher than the record average for 2025. According to the calculations of the Bankier.pl fear and greed index, “almost” greed still dominates on the WSE after Thursday's session. This index takes into account 6 different components, which we describe here.
However, the last session of the week brought some kind of normalization. Trading on the WSE took place in correlation with the sentiment on the base stock exchanges, where DAX gained 0.5%, CAC40 increased by 1.3%, FTSE100 increased by 0.7%, and on Wall Street the main indices increased by about 0.5%. after the publication of data from the American labor market, while waiting for the judgment of the US Supreme Court on the legality of the tariffs imposed by Donald Trump, which is most likely to be issued on Friday.
Ultimately, on Friday, January 9, WIG20 gained 1.3%. and finished the session at 3,275.88 points. WIG was higher by 1.33%. and will close the week at 121,551.17 points. Throughout the week, the broad index gained 1.14%. with an increase in WIG20 by 0.41 percent during this time. With a weaker week for large companies, small and medium-sized companies, i.e. popular bears (SMEs), showed strength. mWIG40 gained 1.44% during the session, but already 3.14%. throughout the week, ending at 8,672.35 points, which is a new record for the index. In turn, sWIG80 increased by 1.45%. on Friday, but it gained 3.29% throughout the week. and is at a record 31,331.83 points. At Friday's session, the turnover was estimated at PLN 2.25 billion, of which PLN 1.84 billion concerned WIG20 companies.
In WIG20, after several days of sell-off, investors returned to greater interest in Orlen and KGHM shares. Let us remind you that the shares of both companies are the stock exchange hits of 2025. On Thursday, the prices of both companies were the worst performing stocks in WIG20. Orlen was depreciated by over 7%. and recorded the third day of declines in a row. However, on Friday, shares of the largest Polish company rose by 3.9%. In turn, KGHM's price was the strongest in the entire basket of Polish blue chips on Friday and gained 6.24% at the end of the day. with the highest turnover on the market exceeding PLN 342 million. The commodity prices of companies were supported by the strongly rising prices of oil (+2.3%), copper (+2.3%), and silver on Friday, which increased by over 6%. around $80 per ounce, close to historical records.
The PGE stock did well, rising by 2.69% and over 2%. in WIG20, the shares of CD Projekt (2.38%) and Orange (2.35%) also gained. In total, among the largest companies, increases concerned 13 stocks. The declines mainly affected banks such as Santander (-1.94%), Alior (-0.62%), mBank (-0.71%) and Pekao (-0.09%). In the context of Santander, it was reported that Erste Group concluded a final agreement with Banco Santander regarding the acquisition of approximately 49 percent. shares of Santander Bank Polska. This transaction was concluded on January 9, 2026 and settled on the same day.
The shares of Budimex (-0.92%), Allegro (-0.19%) and PZU (-1.69%) were also below the line in WIG20.
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The stock of ASM Group (26.44%), which I wrote more about in the article “They are coming back from the dead and growing in price at a dizzying pace”, stood out with a speculative increase – without new announcements in the ESPI channel.
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