Market mood swings, a week marked by volatility
The second week of May 2026 at the Warsaw Stock Exchange felt like an off‑road adventure. Volatility and nerves dictated the conditions, and investors had to confront a global risk‑off wave, capricious commodity valuations, and a season of earnings releases. The WIG20 index made very sharp moves and at the peak of the week climbed to a high of 3,640 points, sparking a real appetite for gains.
Although over the entire week the main index closed neutrally, the final balance was ruined by a disastrous Friday. Interestingly, on this turbulent sea, smaller entities held much more stable – the mWIG40 and sWIG80 indices showed great resilience to the market storm. This is another example that smaller capitalization can effectively absorb global whims of foreign capital.
See also: Markets rise! The Warsaw floor GPW shines green
Friday’s crash and the hard landing of blue chips
The end of the week brought mainly a cool breeze from the underlying markets. Weaker sentiment in Europe and the US instantly translated into a deep correction of most domestic blue chips. The Friday close shows it in black and white: the WIG20 fell 2.37%, ending the session at about 3,545 points. The broad WIG index lost almost 1.8%, falling to about 131,378 points. From this onslaught, only a few entities emerged with a defensive hand.
Chart. WIG20 Index
Source: TradingView
While the mWIG40 recorded a slight decline, and the sWIG80 proved to be a resilient monolith, the biggest Warsaw companies were flooded with red. Institutional investors clearly reduced their engagement in emerging markets, seeking safer havens amid global macroeconomic uncertainty. Unfortunately, this hit the most liquid sectors of our domestic exchange hard.
Chart. WIG Index
Source: TradingView
See also: The market heated to a red state. Rumors of a new game sparked the market!
Hero and anti‑hero – the Dino show and KGHM drama
Friday’s trading had two distinct and opposite heroes. The undeniable star was again Dino Polska, despite issues with a general strike risk. The supermarket chain released excellent Q1’26 results, leading to the classic “beat & rally” phenomenon. The share price jumped about 10%, with intraday gains of up to 13%. This is strong evidence that fundamentally solid entities can go against the grain.
Chart. Dino share price.
Source: TradingView
On the other side of the barricade was the session’s absolute anti‑hero, the copper giant KGHM. The company suffered a painful drop of 8.6%, continuing Thursday’s sell‑off. The direct cause of this crash was the sharply weakening copper and silver prices on commodity markets.
Chart. KGHM share price.
Source: TradingView
See also: KGHM shares before the drop – analysts claim. The GPW rally continues thanks to Trump.
Gaming in the shadows – CD Projekt in waiting mode
The gaming sector, represented by flagship CD Projekt (CDR), spent the past week without spectacular fireworks. On Friday, Red’s shares closed at 257.80 PLN, recording a symbolic 0.58% drop. Throughout the session, the price oscillated in a calm range from 254.80 PLN to 260.20 PLN.
Against the backdrop of drastic moves by other blue chips, the behavior of the Witcher and Cyberpunk creators was a calm oasis. Over the entire week, CD Projekt shares fell about 3% – the market clearly felt the lack of fresh catalysts and new product news. Investors entered a waiting mode for the upcoming Q1’26 financial report, scheduled for May 28. Moreover, the 11th anniversary of the Witcher 3: Wild Hunt release is approaching, and players await new news about the mysterious DLC.
Chart. CD Projekt share price.
Source: TradingView
The past week was a clear signal that geopolitical turbulence can effectively stir the Warsaw floor. The broad market evidently needs rest. Investors are playing the waiting game, and real technical redefinition of trends will begin only at the end of May.
See also: CD Projekt shares down. A key date is approaching. What will the market get from CDR?
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