Polish equity market closed lower on Tuesday. The broad market benchmark, the WIG Index, dropped by 1.56%. Sector-wise, construction sector (+0.16%) was sole gainer within the WIG Index, while chemicals (-3.41%) and telecoms (-3.53%) lagged behind.
The large-cap stocks’ measure, the WIG30 Index, fell by 1.88%. A majority of the index components recorded losses. Thermal coal miner BOGDANKA (WSE: LWB) was hit the hardest, down 5.98%. It was followed by chemical producer GRUPA AZOTY (WSE: ATT), which tumbled by 5.6% as the company announced it analyzes the impact of restating 2015 results by its unit ZCH POLICE (WSE: PCE) on group consolidated earnings. On May 30, ZCH POLICE restated 2015 profit of PLN 164.8 mln as a loss of PLN 71.7 mln, due to revaluation of the African assets, and cancelled a proposed dividend. Other major laggards were four financials names MBANK (WSE: MBK), MILLENNIUM (WSE: MIL), PZU (WSE: PZU) and ALIOR (WSE: ALR), which lost between 3.2% and 4.91%. At the same time, the handful advancers included videogame developer CD PROJEKT (WSE: CDR), genco TAURON PE (WSE: TPE), footwear retailer CCC (WSE: CCC) and oil refiner PKN ORLEN (WSE: PKN), advancing 0.94%, 0.39%, 0.38% and 0.26% respectively.