The index of the largest domestic companies is at the lowest level since November 2004 and surprisingly the Warsaw market was going in the opposite direction to other European markets, which were experiencing gains throughout Friday. The situation concerns the whole CEE region, which was triggered by the deteriorating situation in Hungary, and eventually encouraged investors to also sell equity in other countries, including Poland.
"Anything is possible at present. It is a fact that among the emerging markets, CEE is perceived as the worst one. One looks at its foundations in a different way when one expects profits and in a different way when security is the priority. Risk aversion is at the highest level in history," said Radosław Bodys, an emerging markets economist at Merrill Lynch in London.
Sources: Rzeczpospolita, Parkiet
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