Warsaw's WIG20 large-capitalisation index fell as much as 4 percent in early trade following heavy stock market losses in the United States and Asia.
By 0845 GMT the index was down 2.4 percent, its biggest fall in about a year, while Prague's PX index and Budapest's BUX both fell 2 percent.
"Even after the sell-off, emerging market assets are still on track to record one of their best starts to the year in recent history. On the fundamental front, little has changed for emerging markets," UBS said in a note.
A rout in global equities deepened in Asia on Tuesday as inflation worries gripped financial markets, sending US stock futures sinking further into the red after Wall Street suffered its biggest decline since 2011.
The Polish zloty, the world's best-performing currency last year along with the Czech crown, was steady at 4.1515 to the euro. The crown and the Hungarian forint weakened by about 0.2 percent. The Romanian leu was also flat at 4.6370.
An inflow to the Polish bond market, where yields fell, has also helped the Polish currency, BZ WBK bank said in a note.
The Polish finance ministry is due to announce details of its offer for the Thursday tender at 1400 GMT.
"The zloty exchange rate should stay in the 4.15-4.18 range in the coming days, but the risk of heading towards 4.20 to the euro increases in case global risk aversion rises further," economists at the Warsaw-based Bank Pekao said.
The Polish central bank is widely expected to keep the main interest rate steady at a record low of 1.50 percent when it announces its decision on Wednesday.
In contrast, Romania's central bank (NBR) is expected to hike its benchmark interest rate on Wednesday by a quarter point to 2.25 percent. The bank raised interest rates in January for the first time in a decade.
"We expect (the Romanian leu) to trade within the lower half of the 4.60-4.70 trading range this week," Unicredit said. "However, the NBR decision could affect its level, with a dovish NBR leading to a weaker RON, while a hawkish tone could enable it to strengthen."