WARSAW, March 7, 2026, 09:24 CET
The WIG20 in Poland tumbled 5.17% over March 2-6, landing at 3,262.33 points—its steepest weekly loss of 2026 so far. That drop broke a nine-week stretch in 2026 where the blue-chip index barely budged, never moving more than 1% up or down.
This development erased the fleeting optimism from Poland’s recent rate cut. Earlier in the week, the National Bank of Poland trimmed its reference rate by 25 basis points to 3.75%, and the latest March forecasts set 2026 inflation at 2.4% with GDP growth at 2.9%. On the announcement day, the WIG20 surged 2.48%.
But that local support quickly got swamped by a broad selloff sweeping through European markets. The STOXX 600 shed 5.5% for the week—its steepest weekly slide in almost a year—as the Middle East conflict pushed oil prices up and stoked fresh inflation fears. “Europe is a bit more exposed to higher oil prices,” noted Ciaran Callaghan, head of European equity research at Amundi. Edward Jones strategist Angelo Kourkafas also pointed out the shock has put the Fed “in a difficult position.” Reuters
February’s surge didn’t last long. The exchange reported a 19.9% year-on-year jump in Main Market equity turnover to PLN 49.3 billion that month. The broad WIG broke past 127,740.99 points for the first time on Feb. 25, and the mWIG40 also notched a record high on Feb. 3.
Losses piled up by Friday’s finish: the WIG shed 1.83% to land at 120,677.13, mWIG40 slid 1.93%, and sWIG80 retreated 0.89%. Of the blue chips, Allegro managed a 5.87% gain. PKO BP dropped 4.62%, Pekao slipped 3.91%, and PGE tumbled 5.99%.
Energy names were mixed. Orlen edged down 0.58% after Reuters said QatarEnergy had issued a force majeure notice tied to two LNG shipments expected in April and early May. The Polish firm downplayed the risk, saying Poland’s gas supply security wasn’t threatened since it had alternative routes.
Shares struggled, but the exchange kept upping its game. On Friday, it tacked on three more exchange-traded funds plus four U.S.-listed companies to GlobalConnect—the WSE’s venue that lets Polish investors trade foreign shares and funds using zlotys. Board member Michał Kobza called it “an attractive bridge connecting Polish investors with foreign markets.” GPW
The immediate worry stands out. Morgan Stanley flagged that euro zone inflation probably won’t fall back to the ECB’s target through the end of 2026 unless energy prices ease. And J.P. Morgan, according to Reuters, has already cut the zloty to “underweight”—meaning it now holds less than the benchmark—as the oil shock unsettles emerging-market currencies. Should oil prices retreat, last week’s tumble could look like a sharp reset after February’s highs. If not, Warsaw’s rate cut narrative might fade further from view. Reuters
