Polish stocks tumbled, driving the benchmark index down almost 12 percent from its January peak, as deepening concern over European sovereign debt dragged banks and commodity producers lower. PKO Bank Polski SA, the country’s largest bank, slumped the most in five months and ING Bank Slaski SA retreated for a sixth day, posting the longest losing streak in a year. Bank Pekao SA, controlled by UniCredit SpA, declined to a three-month low.
The WIG20 Index sank 4 percent to 2,195.65, entering a so- called correction after falling 11.8 percent from its high on Jan. 20. The measure posted the steepest two-day retreat in a year as shares fell across Europe on concern Portugal, Spain and Greece will have difficulty curbing their budget deficits and as U.S. jobless claims unexpectedly rose.
Read more:http://www.businessweek.com/news/2010-02-05/polish-stocks-slump-12-from-january-peak-enter-correction.html
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