Abstract:

The aim of the study was to compare the WIG, WIG-20, WIG-Banki, and WIG-Spożywczy indices listed on the Warsaw Stock Exchange in 2018-2023. The research period covered unprecedented events, i.e., the Covid-19 pandemic and the outbreak of war in Ukraine, which had a significant impact on the country's socio-economic policy assumptions. The research shows that these events had a negative impact on the value of the indices studied. Of the indices analyzed, only the WIG index recorded a slight increase in value during the study period, while the WIG-20, WIG-Banki, and WIG-Spożywczy indices recorded a decline in valuation. An analysis of the factors influencing the changes in the value of the indices examined showed that the inflation rate was a significant factor affecting their value during the study period. This points to the important role of the state's monetary policy in relation to the possibility of increasing the value of capital market companies by influencing internal demand, which determines the increase in the financial efficiency of enterprises.