Orlen already below PLN 100. Ukraine is strong on the WSE, but the rest had the weakest week since the holidays
Friday on the WSE ended with a solid decline in the main indices. Declines on the WIG20 sometimes exceeded 2%. The end of the session brought an attempt at a counterattack, but the day still ended in clear red, and the week for the main index brought the largest decline since the end of the summer. The leader in the decline among the largest companies was Orlen, whose price was below PLN 100 for the first time in two weeks.
It was a nervous Friday on the stock markets. He had to be like that after what happened on Wall Street the day before. After Nvidia's great results, the initial increases in the indexes ended with a sell-off and increasing investor doubts due to concerns about inflated valuations of technology stocks. Since the morning, indices in Europe lost over 1 percent, and in Asia, indices in Korea, China and Japan ended the session with declines of 2.5-3.5 percent.
Fear in the eyes of WSE investors
Fear began to look into investors' eyes, which meant a depreciation of over 2% on the WIG20. recorded around noon. Later, however, the index reduced the discount, which for a moment was even less than 1%. relative to Friday's closing. Perhaps part of the bulls' sudden strength was due to the new peace plan for Russia and Ukraine that Washington is unofficially preparing. This motif was particularly visible on the stock exchange in Moscow. The RTSI index calculated in dollars gained over 4%.
The second motive that could support the counter demand was the upward start of the session in the US and rather the lack of further depreciation. An important factor supporting the market could have been Friday's statement by John Williams of the Fed, a member of the FOMC, who said that there is room to further cut interest rates soon. The chances of a cut in December have risen to over 73%, according to Fed Watch Tool, after being around 40% the day before.
Results of the November 21st trading session
Finally, in the second part of the session, WIG20 reduced the price to 1.25%, ending the entire week with a decline of 2.32%. which still means the worst period since the last week of the holidays, when it fell by over 3%. WIG was 1.29% lower on Friday, and ended the entire week with a decline of 2.46%. for 108,942.98 points.
In turn, mWIG40 returned 1.43%. during the session and reached the level of 7,843.73 points. The sWIG80 index of small companies was at 28,732.36 points. after a decline of 1.6 percent Both indexes lost 2.88 and 2.98 percent, respectively, during the week. The turnover on the broad market amounted to PLN 1.98 billion, of which PLN 1.63 billion concerned WIG20 companies.
“For the last dozen or so hours, the markets have been trying to gauge how real the information about the peace plan for Ukraine is and what it means for the markets. In the short term, a ceasefire even on poor terms would be welcomed by investors, but not necessarily in the long term. We, especially in Poland, are aware of the fact that a ceasefire or peace on bad terms is something that may have a positive effect in the short term, but in the long run it may bring even more problems,” said Mariusz Adamiak, director of the Strategy Office, for PAP Biznes. Market PKO BP.
“When the market situation in the world is weaker, Poland also suffers from it. It should be remembered that the indices, even after the recent declines, because the Warsaw Stock Exchange has fallen by about 5% since the peak, are still 36% higher since the beginning of the year. Therefore, it is difficult to expect that the stock market situation will significantly improve in the following days, although it is known that the market is volatile and individual days may bring increases,” he added.
Orlen's price is below PLN 100 per share
In WIG20, the largest declines affected Orlen (-2.57%), where, in addition, the trade took place with the highest turnover worth PLN 281 million. The rate correlated with a drop in oil prices of over 2 percent, which may have been related to a possible chance for peace. The depreciation of the shares of the largest Polish company meant that the price for an Orlen share was below PLN 100 at the end of the session for the first time since November 7. However, the company's valuation at PLN 98.60 is still over PLN 114.58 billion. A day earlier, Orlen showed results for the third quarter, which were in most respects in line with market expectations.
Among blue chips, shares of banks such as Alior (-2.04%), Santander (-1.53%), PKO (-2.07%), Pekao (-0.8%), and mBank (-1.3%) dropped significantly. Over 2 percent the prices of KGHM and Budimex shares dropped.
The price of Allegro continued to decline (-0.98%), which showed its results for the third quarter the day before. At the results conference, the Allegro Management Board commented on the agreement with InPost, which gives the owner of parcel lockers the option of annual price indexation. As reported by Allegro, 40 percent shoppers have the nearest vending machine less than 200 meters away.
Orange's price stood out positively in WIG20 (2.02%). A total of 7 WIG20 companies recorded increases. However, the increases of Żabka, Dino, Pepco, CCC, including commercial companies as well as Kruk and CD Projekt, were not greater than 1%.
On the broad market, the share price of Cognor (-20.51%) declined amid high turnover. This is how investors reacted to the agreed issue price of shares in the company's SPO, in which Cognor raised PLN 300 million.
The results were shown by Polenergia (0.34%). In the third quarter of 2025, the group had PLN 89.2 million of EBITDA, and the adjusted net loss amounted to PLN 6.4 million. The reported results were consistent with the company's previous estimates. In turn, Pekabex (-11.38%) estimates that the group's consolidated revenues for the third quarter of 2025 amounted to approximately PLN 1,418.9 billion, while the consolidated loss amounted to PLN 19.8 million. Meanwhile, Mo-Bruk (3.5%) had a net loss of PLN 38.3 million in Q3 2025. PAP Biznes consensus assumed a loss of PLN 31.3 million.
The increase in the WIG-Ukraine index (2.98%) and the Ukrainian companies listed on the WSE were testimony to the topic of possible peace. KSG Agro shares gained 5.6%, CoalEnergy's price increased by 8.85%, Milkiland increased by 4.55% and Kernel increased by over 4%. Let us add that the increases took place while approximately 62 percent companies on the broad market experienced a decline. Less than 25 percent ended the session on a positive note.
Michal Kubicki
