Banks slide after Glapiński's remarks. WIG Banki down 3.05%

The broad WIG index fell 0.59% to 155,764.56 points. The mid-cap mWIG40 lost 0.83% and the small-cap sWIG80 0.32%. Turnover reached PLN 2.68bn.

Banks in the red

The WIG Banki index fell 3.05%. Shares in mBank dropped 4.33%, PKO BP 3.33%, Alior 3.03%, Pekao 2.82% and Erste 2.5%. According to Bankier.pl, investors sold banks because “rate hikes will have to wait”. NBP governor Adam Glapiński said on Thursday that he did not expect a hike in November. Higher rates increase banks' profits.

Dino and Orlen up

Not all stocks fell. Dino rose 6.35% to PLN 35.50. Orlen gained 3.49% to PLN 155.46, its fourth session in a row in positive territory. PGE rose 2.18%.

The zloty on Friday

At around 9:13 on Friday the euro cost PLN 4.3767, the dollar PLN 3.8982 and the Swiss franc PLN 4.6922, according to PAP. The NBP average rates for 9 October were PLN 4.3775 per euro and PLN 3.9022 per dollar. “The zloty's current behaviour is no accident,” says Michał Stajniak of XTB, quoted by Parkiet.

Any change in interest rates will be decided by the Monetary Policy Council. Its next meeting takes place on 3–4 November.