Polish markets dip as Andrzej Duda, seen as less business-friendly, wins presidency. Deborah Lutterbeck reports.
Celebrations as Poland's main opposition party wins its first national election in a decade, after its presidential candidate unexpectedly defeated the incumbent. Opposition candidate Andrzej Duda offers his thanks to his supporters. (SOUNDBITE) (Polish) NEWLY ELECTED POLISH PRESIDENT, ANDRZEJ DUDA, SAYING: "Those who voted for me have chosen change and I am grateful for that." But it is a victory unnerving financial markets. Duda's Law and Justice party is socially conservative and considered less business-friendly and less pro-European Union than the governing Civic Platform. Analyst Piotr Kuczynski of Xelion Investment House says markets are overreacting. (SOUNDBITE) (Polish) CHIEF ANALYST OF XELION INVESTMENT HOUSE, PIOTR KUCZYNSKI, SAYING: "There were significant declines in the stock market. The concern is the election of President Duda could result in a new bank tax, conversion of foreign currency loans with exchange rates from the day of taking a loan. Obviously it is a long way off, this reaction is too nervous, but markets sometimes behave this way." But Kuczynski says markets would calm down after the initial wobble. (SOUNDBITE) (Polish) CHIEF ANALYST OF XELION INVESTMENT HOUSE, PIOTR KUCZYNSKI, SAYING: "Well, the markets will get used to it. They will come to their senses and it is not the end of the world because the president-elect can't do anything -- he will be sworn in at the beginning of August. President Duda also can't do anything because the current coalition will block his ideas and then everything depends on the October parliamentary elections." The latest opinion polls give the alliance led by Duda's Law and Justice a marginal lead in the Parliamentary race.