Polish equity market plunged on Monday, with the broad market measure, the WIG Index, declining by 2.87% after an unexpected Poland's foreign currency rating downgrade by Standard & Poor's agency. Materials sector ( 0.14%) was the sole gainer among the WIG's 11 industry groups. At the same time, banking sector (-4.85%) was hit the hardest, following the president's Swiss franc mortgage conversion bill presented on Friday.
The large-cap companies' measure, the WIG30 Index, fell by 3.11%. Only three index constituents managed to generate positive returns: chemical producer SYNTHOS (WSE: SNS) gained 1.3%, IT-company ASSECO POLAND (WSE: ACP) added 0.72% and copper mainer KGHM (WSE: KGH) advanced 0.57%. At the same time, the session's most prominent losers were banking names BZ WBK (WSE: BZW), PKO BP (WSE: PKO), ING BSK (WSE: ING) and ALIOR (WSE: ALR), oil and gas producer PGNIG (WSE: PGN), railway freight transport operator PKP CARGO (WSE: PKP) and footwear retailer CCC (WSE: CCC), tumbling between 4.67% and 6.7%.