Polish equity market plunged on Tuesday, with the broad market measure, the WIG Index, declining by 1.65%. Sector-wise, food sector ( 0.52%), developing sector ( 0.42%) and IT ( 0.42%) were the only sectors, which posted positive results. At the same time, banking sector (-3.29%) was hit the hardest, after Fitch Ratings warned that a bank tax and introduction of a proposed Swiss franc-denominated bill may hurt their credit profiles.
The large-cap companies' measure, the WIG30 Index, fell by 2.28%. Only five index constituents managed to generate positive returns: property developer GTC (WSE: GTC) jumped 2.17%, thermal coal miner BOGDANKA (WSE: LWB) advanced 1.82%, IT-company ASSECO POLAND (WSE: ACP) added 0.62%, agricultural producer KERNEL (WSE: KER) gained 0.45% and bank HANDLOWY (WSE: BHW) inched up 0.07%. At the same time, the session's most prominent losers were banking name PKO BP (WSE: PKO), FMCG wholesaler EUROCASH (WSE: EUR) and insurer PZU (WSE: PZU), tumbling by 5.96%, 3.52% and 3.19% respectively.