May 2026 on the Warsaw Stock Exchange (WSE) was marked by strong investor activity, with varied dynamics across individual market segments, though the total turnover value of share trading on the main market fell by 4.4% y/y to PLN46.1bn (€10.9bn).

As the WSE reported on June 2, the value of trading in the order book increased by 1% y/y to PLN45.6bn in May. The average daily trading value reached PLN2.28bn, up by 6% y/y.

On the alternative NewConnect market, investor activity declined. The total value of share trading fell by 67.5% y/y to PLN131.1mn, while order book turnover decreased by 67.9% y/y to PLN129.7mn.

In May 2026, a clear rebound was observed in the structured products and ETF market. The total turnover of ETFs, ETNs and ETCs increased by 75.9% y/y to PLN417.1mn. At the same time, turnover in structured products rose by 14.3% y/y to PLN230.8mn.

The value of non-Treasury bond issues listed on the Catalyst market reached PLN162.4bn at the end of May, rising by 19.5% y/y. The value of bond trading in the order book increased by 24.2% y/y to PLN748mn.

On the Treasury BondSpot Poland market, total bond turnover amounted to PLN232.1bn, representing an increase of 112.2% y/y.

The WSE's widest index WIG closed the month at 137,007.44pts, gaining 35% y/y.

Equity gains and high trading volumes also translated into a very successful month for holders of investment fund units and certificates. The fund market research firm Analizy Online reported on June 2 that over 90% of mutual funds ended the month with a positive return, with more than 30 of them exceeding 10%.

"May was another successful month on the stock markets, although there were some nervous moments. Investors reacted to tensions in the Middle East, fluctuating oil prices, inflation and expectations regarding central banks. Towards the end of the month, sentiment improved thanks to hopes of a US–Iran deal and the normalisation of shipping through the Strait of Hormuz; Brent crude fell to around USD92 by the end of May, down nearly 17% since the start of the month," Analizy Online said in a report.

Among the best-performing funds in May are those offering exposure to sectors such as technology and growth companies.

"As a group, emerging market equity funds delivered the best average return (+7.8%), much as they did in April. The strongest performance in May came from Asia and the emerging markets. South Korea and Taiwan led the way thanks to their exposure to the AI supply chain and semiconductors; the KOSPI gained as much as 28%, and the TAIEX 14.9%. The MSCI EM Emerging Markets Index rose by 9.5% in May. Only Esaliens Emerging Markets Equity (+9.7%) outperformed the index," it continued.

All Polish bond funds posted positive returns, reaching as high as 2% in the best-performing fund (Erste Prestiż Obligacji Skarbowych), although this was not always enough to recoup the losses incurred in March. Long-term bond funds returned an average of 1.3-1.4% in May, whilst short-term bond funds returned 0.5%. Over the last five months, short-term and corporate bond funds have performed better, gaining an average of 1.4-1.5%, Analizy Online concluded.