Warsaw Stock Exchange Hits Record Highs, Led by Banks and AI-Linked Stocks

Warsaw's stock exchange is riding a wave of historic records in July 2026. The WIG index broke through 143,000 points, mWIG40 reached the highest level in its history, and WIG20 closed in on the peak of the current bull run. The gains stem from a combination of two forces: global enthusiasm for artificial intelligence and semiconductors, and strong results from Polish banks.

Records in Just Days

The July 10 session brought a series of records: WIG crossed 142,000 points, mWIG40 approached its historic high, and the WIG-Banki subindex gained more than 3 percent at one point, setting a new peak. Shares of PKO BP (110.14 zloty), Alior (140.25 zloty) and Erste Bank Polska (686.20 zloty) were trading at record highs at the time.

Four days later, on July 14, WIG20 gained another 1.23 percent to reach 3,818.89 points, while WIG climbed to around 143,780 points, setting a new all-time record. Trading volume on the session topped 3 billion zloty, with 2.6 billion of that coming from WIG20 companies.

AI Drives Valuations

Among the leading gainers are companies whose results are directly tied to the AI boom. Synektik, Digital Network and Asbis, described by analysts as the three investor favorites on the Warsaw exchange, are trading at the highest prices in their history.

Asbis, an electronics distributor operating in the markets of Central and Eastern Europe, the Middle East and Africa, topped $600 million in monthly revenue for the first time in its history. May's result of $604 million marked an 89 percent year-over-year increase, and the company points directly to AI infrastructure as the main driver of that growth, alongside smartphone and laptop sales.

The company's expansion in EMEA markets, driven partly by AI infrastructure and sales of smartphones and laptops, is gaining momentum. - from an Asbis Group analysis

Banks as the Rally's Second Engine

Alongside AI, banks remain the second pillar of this year's rally on the Warsaw Stock Exchange (GPW). WIG-Banki has gained about a third of its value since the start of the year, and companies such as PKO BP, Alior Bank and Erste Bank Polska are regularly hitting record price highs. On the July 14 session, however, the top gainer among large-cap stocks was Allegro, which rose 9.81 percent to 43.92 zloty after its gross merchandise value (GMV) figures positively surprised the market.

GMV momentum surprised positively both in Poland and abroad. - Trigon DM analysts on Allegro's results

That same day, KGHM (up 4.57 percent) and Orlen (up 1.39 percent to 146 zloty) also rallied strongly, while the banking sector itself briefly gave back some gains, falling 1.03 percent after Minister Katarzyna Pełczyńska-Nałęcz proposed raising the CIT tax for banks.

What's Next for the Rally

Rising share prices coincide with signals of a possible interest rate cut in Poland. Adam Glapiński, president of the NBP (National Bank of Poland), openly admitted he is considering proposing a 25-basis-point rate cut after the summer, which weakened the zloty and helped exporters. An additional global boost came from lower-than-expected US CPI inflation data, which increased investors' appetite for risk assets and weakened the dollar against the zloty from 3.81 to around 3.78.

Analysts note, however, that the Warsaw exchange has in a sense become hostage to the global semiconductor sector, given its growing weight in emerging-market indexes. Questions are increasingly being raised about whether the global AI rally is starting to resemble a speculative bubble, which could hit Warsaw trading as well if there is any correction overseas.

For Polish investors and technology-linked companies, this means the AI theme carries growing weight when assessing portfolio risk, even if most of their exposure is to local banks or commodity companies. The coming summer weeks, traditionally quieter for the market, will show whether the WIG and WIG20 records hold through autumn or turn out to be just a stop before a correction.