The country’s benchmark WIG20 Index was among the worst-performing stock markets worldwide on Wednesday, falling as much as 2.2% before paring losses after NATO and Poland’sthere is no indication that the missile that struck Polish territory was an intentional Russian attack. The gauge was 1.5% lower by 4:08 p.m. in Warsaw.
Poland’s financial stocks, telecoms and retailers led the losses. Czech equities also dropped slightly, Hungarian stocks erased earlier losses, while the MOEX Russia Index was steady. Initial panic eased after NATO and Polish leaders said the blast, which killed two people late on Tuesday, was likely caused by a Ukrainian air defense missile fired to defend Ukrainian territory, defusing a potential significant escalation in the conflict. Still, US President Joe Biden said the strike was ultimately sparked by the latest Russian missile barrage on Ukraine.The WIG20 was down 1.9% as of 2:57 p.m. in Warsaw, compared with a 0.7% drop for the Stoxx Europe 600 Index and a 0.
Polish stocks have been among the world’s best performers recently, jumping 27% in the month through Tuesday’s close, and were trading at levels that technical analysts consider to be overbought. On Tuesday, the WIG20 briefly broke above its 200-day moving average.
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