Trying create static configuration by running configure -static will generate .lib files that are correct size.
Any application linking to these libraries will fail as the resulted MMP file doesn't have any LIBRARY/STATICLIBRARY statements and thus cannot be linked.

steps to reproduce:

configure -platform win32-msvc2008 -xplatform symbian-abld -static
make debug-winscw
or
make release-armv5/6

all examples and demos will fail to link with errors looking like this:

mwldsym2.exe: warning: Multiply defined symbol: ___get_MSL_init_count in
mwldsym2.exe: warning: files uc_cwhelp.obj (EEXE.LIB), startup.win32.c.obj (msl_
all_static_mse_symbian_d.lib),
mwldsym2.exe: warning: keeping definition in startup.win32.c.obj
mwldsym2.exe: warning: Multiply defined symbol: __CleanUpMSL in
mwldsym2.exe: warning: files uc_cwhelp.obj (EEXE.LIB), startup.win32.c.obj (msl_
all_static_mse_symbian_d.lib),
mwldsym2.exe: warning: keeping definition in startup.win32.c.obj
mwldsym2.exe: Undefined symbol: 'void QTextStream::setFieldWidth(int) (?setField
Width@QTextStream@@QAEXH@Z)'
mwldsym2.exe: referenced from '.data' in dialog.o
mwldsym2.exe: referenced from '.data' in wigglywidget.o
mwldsym2.exe: Undefined symbol: 'void QTextStream::setPadChar(class QChar) (?set
PadChar@QTextStream@@QAEXVQChar@@@Z)'
mwldsym2.exe: referenced from '.data' in dialog.o
mwldsym2.exe: referenced from '.data' in wigglywidget.o
mwldsym2.exe: Undefined symbol: 'void QTextStream::setRealNumberPrecision(int) (
?setRealNumberPrecision@QTextStream@@QAEXH@Z)'
mwldsym2.exe: referenced from '.data' in dialog.o
mwldsym2.exe: referenced from '.data' in wigglywidget.o
mwldsym2.exe: Undefined symbol: 'struct QMetaObject const QWidget::staticMetaObj
ect (?staticMetaObject@QWidget@@2UQMetaObject@@B)'
mwldsym2.exe: referenced from '.rdata' in moc_wigglywidget.o
mwldsym2.exe: Undefined symbol: 'struct QMetaObject const QDialog::staticMetaObj
ect (?staticMetaObject@QDialog@@2UQMetaObject@@B)'
mwldsym2.exe: referenced from '.rdata' in moc_dialog.o
mwldsym2.exe: Undefined symbol: 'int UserHeap::SetupThreadHeap(int, struct SStdE
pocThreadCreateInfo &) (?SetupThreadHeap@UserHeap@@SAHHAAUSStdEpocThreadCreateIn
fo@@@Z)'
mwldsym2.exe: referenced from '__E32Startup' in uc_exe.cpp:68 (EEXE.LIB)
mwldsym2.exe: Undefined symbol: 'void User::InitProcess(void) (?InitProcess@User
@@SAXXZ)'
mwldsym2.exe: referenced from '__E32Startup' in uc_exe.cpp:74 (EEXE.LIB)
mwldsym2.exe: Undefined symbol: 'int Exec::SetWin32RuntimeHook(void *) (?SetWin3
2RuntimeHook@Exec@@SAHPAX@Z)'
mwldsym2.exe: referenced from '__E32Startup' in uc_exe.cpp:78 (EEXE.LIB)
mwldsym2.exe: Undefined symbol: 'int E32Main(void) (?E32Main@@YAHXZ)'
mwldsym2.exe: referenced from '__E32Startup' in uc_exe.cpp:83 (EEXE.LIB)
mwldsym2.exe: Undefined symbol: 'void User::Exit(int) (?Exit@User@@SAXH@Z)'
mwldsym2.exe: referenced from '__E32Startup' in uc_exe.cpp:88 (EEXE.LIB)
mwldsym2.exe: Undefined symbol: 'void User::HandleException(void *) (?HandleExce
ption@User@@SAXPAX@Z)'
mwldsym2.exe: referenced from '__E32Startup' in uc_exe.cpp:92 (EEXE.LIB)
mwldsym2.exe: Undefined symbol: 'void User::Invariant(void) (?Invariant@User@@SA
XXZ)'
mwldsym2.exe: referenced from '__E32Startup' in uc_exe.cpp:95 (EEXE.LIB)
mwldsym2.exe: Undefined symbol: 'void BootEpoc(int) (?BootEpoc@@YAXH@Z)'
mwldsym2.exe: referenced from 'void _E32Bootstrap(void) (?_E32Bootstrap@@YGXXZ)'
in uc_exe.cpp:104 (EEXE.LIB)

Errors caused tool to abort.
make[2]: *** [\S60\devices\Nokia_N97_SDK_v1.0\epoc32\release\winscw\udeb\wiggly.
exe] Error 1
make[1]: *** [TARGETWIGGLY_0XA000C607] Error 2
make[1]: Leaving directory `C:/repos/qt/examples/widgets/wiggly'
make -r -f "\S60\devices\Nokia_N97_SDK_v1.0\EPOC32\BUILD\repos\qt\examples\wi
dgets\wiggly\WINSCW.make" FINAL CFG=UDEB VERBOSE=-s
make[1]: Entering directory `C:/repos/qt/examples/widgets/wiggly'
make -s -C \repos\qt\examples\widgets\wiggly -f "MAKEFILE_0XA000C607.MK" TO_ROO
T=..\..\..\..\.. EPOCBLD=\S60\devices\Nokia_N97_SDK_v1.0\EPOC32\BUILD\MAKEFILE_0
XA000C607\WINSCW TO_BLDINF=..\..\..\..\..\repos\qt\examples\widgets\wiggly PLATF
ORM=WINSCW CFG=UDEB FINAL