The peak of the bull market is becoming less and less visible. “Instead of hitting new records, WIG got out of breath”
After WIG20 marked the peak of the bull market last week, two sessions later the index was already close to 4%. lower. The Warsaw Stock Exchange is getting weaker, but it does not stand out in this respect compared to European stock exchanges.
“It is not only in sports that missed opportunities take revenge – the Bulls had the ball in an empty goal, but it ended up being offside. Instead of scoring new records, WIG got out of breath,” analysts from BM mBank summed up the recent form of the Warsaw parquet. The football analogy is absolutely appropriate, especially on the day when the Polish national team plays its last group match in el. World Cup 2026.
In fact, instead of breaking records, the correction on the WSE is gaining momentum, which brought the WIG20 down below 2,950 points on Monday – the lowest since October 23 and over 118 points. and 4% lower than Thursday's peak of the bull market. Analysts indicate that, taking into account the recent comments of Fed members, it is unlikely that there will be a reduction in US interest rates in December. Currently, the futures market values it at over 57%. leaving rates at their current level. Just a week ago, the majority (62.4%) expected a cut.
Therefore, the market mood has deteriorated, but the publication of Nvidia's results, i.e. a barometer of the bull market related to the AI and semiconductor revolution, may provide a chance to change it in the near future. While waiting for Nvidia's Wednesday publication, Monday brought continued declines in Europe, including Poland. DAX lost 1.3%, CAC40 fell by 0.7%. Over 1.2 percent was losing IBEX35. By 0.3 percent S&P500 and Nasdaq were under the line when trading in Warsaw ended.
WIG20 itself lost 1.14% at the end of the session. WIG was 0.96 percent lower. In turn, mWIG40 ended Monday by 0.43%. lower, and sWIG80 returned 0.57 percent. Let us add that all major indices started the day on a positive note, but supply quickly took over. However, the declines were not at significant turnover for this year. On the broad exchange market, they did not exceed PLN 1.5 billion, and in WIG20 they were calculated at PLN 1.24 billion.
What is different is the width of the discount, which reached 57% on the entire market. shares with less than 30 percent in the positive. In WIG20, the prices of as many as 19 companies dropped. The only positive thing is the quotations of Żabka, where investors are still amazed that a year after the IPO there were many buyers for 100 million shares at a price of PLN 21.50 sold in ABB.
Undoubtedly, the weakest shares in WIG20 on Monday were PGE shares (-5.37%). On Friday, after the session, the company published estimates for the third quarter, which turned out to be weaker than market expectations. The coming weeks will be important for the energy industry, as in December tariffs for the sale and distribution of energy will be approved and the first Polish auction for offshore wind farms will take place.
Moreover, the shares of CD Projekt (-2.45%) and Allegro (-2.29%) were also more weak. By 1.96 percent Budimexum shares fell by 1.66%. advantages of Kęty. Over 1 percent They also released the prices of LPP, Kruk, KGHM, Alior, Orlen and Pepco. Up to -0.5 percent. Dino, Pekao and CCC decreased.
On the broad market by 1.89%. the shares of Jastrzębska Spółka Węglowa fell, and due to the company's difficult situation, on Monday it concluded an annex to the collective agreement of March 2021 with representative trade unions, limiting employment guarantees for some employees.
Benefit Systems stood out positively (4.33%) in response to solid financial results for the third quarter. The net profit of jd Benefit Systems in the third quarter of 2025 amounted to PLN 211.9 million, compared to the PAP Biznes consensus, which assumed a net profit of jd of PLN 140.9 million.
In turn, after good results, the prices of Polimex Mostostal dropped (-1.97%). In the third quarter of 2025, the company had a net profit of PLN 35.4 million compared to a loss of PLN 267.4 million in the same period of the previous year.
Michal Kubicki
