WIG20 drops 1.59% a day after its record, led by banks

After a record-breaking Tuesday, the Warsaw stock market ran out of breath. The broad WIG closed on Wednesday at 156,686 points. The mWIG40 (−1.30%) and sWIG80 (−0.43%) also fell.

Tuesday's records

A day earlier both main indices had closed at record highs: the WIG at 159,012 points and the WIG20 at 4,222.36. Wednesday's sell-off began at around 11:00 and gradually gathered pace.

Banks in retreat

Banks, which have led this year's rally, fell the most. Shares in PKO BP, Poland's largest bank, lost 3.27% and Pekao about 3%. KGHM, CD Projekt, Allegro and energy companies were among the other fallers. At the other end was Sunex, up 34.73%.

Bonds and oil in the background

Market sentiment has been weighed down for several days by high bond yields and rising oil prices. On 1 October the yield on 10-year US Treasuries reached 5.34%, the highest since 2002.

Despite Wednesday's losses, the WIG remains close to its record. Analysts see the WIG20 consolidating in a range of roughly 4,063–4,242 points.