The Polish stock exchange experienced a decline caused by the overnight invasion of Russian drones into the country's airspace. On Wednesday morning, September 10, most of the main indices of the Warsaw Stock Exchange fell, writes UNN with reference to Reuters.
Details
At the beginning of the trading session, shares of more than 60% of companies listed on the Warsaw Stock Exchange (GPW) fell. As a result, the WIG20 — a capitalization-weighted stock market index of the twenty largest companies on the GPW — also significantly decreased.
On September 10, the WIG20 Index opened at 2818.16 points, which is 0.64% lower than the previous close. But as of 11:30 AM, the fall was about 2.5%.
The "sell-off" of shares affected almost all market segments — both the largest companies and mid-cap representatives. According to the stock exchange scoreboard, the shares of the following companies fell the most:
- mBank (-12.40%);
- Lpp (-9.00%);
- Grupa Kety (-6.00%);
- Kruk (-5.50%);
- Bank Pekao S.A. (-4.40%);
- Santander Bank Polska (-3.80%);
- KGHM Polska Miedz (-3.20%);
- CCC (-3.00%);
- Alior Bank (-2.65%);
- Orange Polska (-2.07%);
- PGE Polska (-1.91%).
At the same time, major players in Poland's defense sector benefited from this situation, which was quite predictable. Shares of camouflage manufacturer Lubawa, Protektor (military footwear), and Zrembu rose by 4%, 15%, and 7% respectively in the morning.
Addition
Prime Minister Donald Tusk stated that Poland would appeal to NATO regarding the application of Article 4 of the North Atlantic Treaty, which concerns consultations with allies, in connection with the incident with Russian drones that violated the country's airspace, and one of them crashed into a private house.
"Article 4 is just an introduction to deeper cooperation, and words alone are not enough here. During consultations, we will expect much greater support. This is not our war, this is not only the war of Ukrainians — this is a war, a confrontation that Russia has declared to the entire free world," Donald Tusk emphasized.