Correction Begins on the WSE: Declines in Technology and Commodity Sectors Amid Record Gold Purchases

Thursday's session on the Warsaw Stock Exchange brought a cooling of sentiment after a series of record gains. The blue-chip WIG20 index fell by 0.93%, which analysts interpret as a natural correction after reaching multi-year highs. The main drag on the market turned out to be shares of KGHM, which lost nearly 6% in reaction to falling copper prices, and insurer PZU following the publication of its quarterly report. The deterioration in sentiment also affected the technology sector, where companies such as cyber_Folks or Shoper were hit by waves of uncertainty regarding the impact of artificial intelligence on their business models. In 2024, the Warsaw Stock Exchange experienced one of its best periods in history, which today creates a high benchmark for investors and encourages increased profit-taking amid signals of a slowdown in Western markets. In the sphere of monetary policy, a significant event was the meeting between NBP President Adam Glapiński and US Ambassador Tom Rose. The post-meeting communiqué emphasized the strategic role of gold in state reserves. Poland, being the largest buyer of this precious metal among central banks in 2025, plans to further increase its holdings from the current 550 to 700 tons. The value of the precious metal held by the NBP has already exceeded the 313 billion zloty barrier, which forms the foundation of the country's macroeconomic stability in the face of global financial turmoil. „Dzisiaj mamy na naszej giełdzie spadki, ale trzeba na nie patrzeć w kontekście tego, że bilans ostatnich kilku dni dla WIG jest na plusie. Nasza giełda od początku roku jest prawie 9 proc. do góry.” (Today we have declines on our stock exchange, but they must be viewed in the context that the balance of the last few days for the WIG is positive. Our stock exchange has been up almost 9% since the beginning of the year.) — Mariusz Adamiak In commodity markets, a paradoxical situation is observed. On the one hand, crude oil is rebounding from annual lows, while on the other, the Russian Federation and Iran are waging an aggressive price war. Both countries are offering record discounts (12 and 11 dollars per barrel, respectively), desperately seeking buyers in China. Cost pressure is also hitting the IT industry – HP reported that RAM memory costs now constitute as much as 35% of a computer's production price, a value twice as high as last year. Optimistic signals, however, are coming from the agricultural market, where prices for fattening pigs and piglets have entered a phase of intensive growth ahead of the approaching Easter.