Today's session on the Athens Stock Exchange was purely corrective, with the main indices of the Athens Stock Exchange moving permanently in negative territory and the General Index testing prices up to the edge of 2270 points, from where it reacted, with the help of the final auctions.
Yesterday's significant rise, which boosted the total capitalization of the Athens Stock Exchange by €5 billion, and even more so the return of geopolitical concerns for those following developments in the US – Iran, were the main reasons that prompted some traders to "cash out."
Taking things in chronological order, "The US Armed Forces are ready to strike Iran as early as this weekend, but Donald Trump has not yet made a final decision, " sources familiar with the matter told CNN.
These concerns were exacerbated by the upcoming Clean Monday holiday, when foreign markets will be fully operational, prompting several investors to reduce their positions so as not to face any significant negative surprises on Tuesday.
Meanwhile, yesterday's significant rise made it easier for "long" positions to close or roll over at better prices, ahead of tomorrow's expiry of February contracts on the Derivatives Market.
Beyond that, cautiously optimistic scenarios continue to circulate, always with a focus on the heavily weighted banking sector. According to these scenarios, "interesting entry points and attractive valuations are emerging for those who missed out or hesitated to take a position at the start of the new year. Nervousness and rash moves are not consistent with fundamentals and prospects, especially if BOCHGR's results were a harbinger for the sector. They are more suited to portfolio restructuring due to changes in MSCI weightings, as market participants argue."
All of the above, provided that there are no developments that will increase nervousness in international markets.
Returning to today's session, the "big picture" of the market could not be described as positive, as at the day's lows there was no FTSE25 stock that was spared, even unchanged, while the number of declining stocks was more than four times that of rising stocks, a ratio that improved only slightly thereafter.
For those who insist on looking at the statistics, SAR shares closed at their daily highs and new historic highs (+1.88%).
Medium and small capitalization stocks returned to their familiar discouraging picture , with few exceptions, confirming the pathologies of the past, with the "traditional" withdrawal of buyers at the first sign of a downturn in the market.
The technical data formed by the last few sessions remained unchanged, with the next support level located at 2232 points, which completes the chart discontinuity (January 22, 2250 – 2232) from the recent rise in the market. At the same time, during last Friday's session, the General Index created a new downward price "gap" in the 2334-2348 point range, a level that now constitutes the market's basic short-term resistance.
Meanwhile, the public offering for the €250 million bond issue by Capital Clean Energy Carriers, owned by Vangelis Marinakis, was already covered on its second day .
It is worth noting that tomorrow FTSE Russell will publish its own index restructuring. The decision will take effect at the close of trading on March 20, 2026.
On February 27, MSCI's scheduled rebalancing will take place.
As for the scheduled assessments of Greek creditworthiness, DBRS will kick things off on March 6, followed by Moody's on March 13, Scope Ratings on March 20, S&P on April 24, and Fitch on May 8.
Interest is expected to gradually shift to the announcements of 2025 financial results and the updating of outlooks by company management, especially banks.
Beyond that, this column will continue to provide updates on scheduled announcements.
Announcement of 4th quarter results - 2025:
- 26/2/26, EUROB (after the market closed), PIR (before the market opened), OTE (before the market opened), ELPE (after the market closed), INTEK (before the market opened)
- 27/2/26, ALPHA (08.00), ETE, PREMIA (before market opening), TRASTOR (after market close)
- 2/3/26, OPAP (after the market closed)
- 3/3/26, OPTIMA (before market opening)
- 4/3/26, CENER, LAMDA (after market close)
- 5/3/26, CREDIA (after market close), BIO
- 11/3/26, SAR (after market close)
- 17/3/26, TRESTATES (before market opening)
- 18/3/26, OTOEL (before market opening)
- 19/3/26, DEI (after market close), TITC, MOTO (after market close)
- 23/3/26, ACAG (after market close)
- 24/3/26, DAA (after market close)
- 27/3, GEBKA (after market close)
- 30/3/26, MPBR (after market close)
- 31/3/26, MTLN, ORILINA, PPA (after market close)
- 7/4/26, ASKO
- 21/4 QLCO (after market close)
- 30/4, XYLK (before market opening), IATR (after market close).
The main European markets are in negative territory, with active investors pricing in corporate results, geopolitical developments, and macroeconomic announcements.
The most important macroeconomic data of the week is the December personal consumption price level in the US, which will be announced tomorrow, as well as fourth quarter GDP (15:30).
On the other hand, according to the Fed minutes that were published,"Fed officials agreed almost unanimously to keep interest rates unchanged at their January 27-28 meeting, but remained divided on what might follow. Several officials pointed to the risk of potential increases in borrowing costs if inflation remains high, while others disagreed on whether and when further cuts would be warranted."
Marginal rise in bond market yields . More specifically, the yield on the US 2-year bond rose to 3.47%, the 10-year bond to 4.09%, and the Greek 10-year bond to 3.366%.
The General Index remained in negative territory, falling to 2270.7 points (-2.44%). At 17:00, it stood at 2271.03 (-2.42%) and closed at 2275.7 points, with daily losses of 2.22%.
Turnover was the lowest in the last 19 sessions, at 245.5 million, of which 26.1 million related to pre-agreed transactions (BYLOT, ETE, SAR, EUROB, KRI, DEI, BEL, ELTON, ELHA, ALPHA, OPAP), with EUROB, ETE, ALPHA, and PIR accounting for 55% of the total gross transaction value.
Of the total turnover of €245.5 million, €227.4 million relates to transactions in FTSE 25 shares.
The picture in high capitalisation
Among the heavyweight bank stocks, Optima (-0.51%) changed both signs, BOCHGR (-2.07%) did not reach the "green," while ALPHA (-4.39%), ETE (-2.74%), EUROB ( -2.5%) and PIR (-4.26%) remained permanently in negative territory.
The banking sector index remained negative, reaching a low of 2601.03 points (-3.53%). At 17:00, it stood at 2602.26 (-3.48%) and closed at 2612.33 points, with daily losses of 3.11%.
The DTR has a daily sell signal, which is negated by a return and close above 2848 points. The next resistance is at 2900 points. The next supports are at 2549, 2372, 2300, 2283, 2243, 2235 (exponential 200-day moving average) and 2234 points (simple 200-day moving average).
The final picture on the non-bank blue chip board is not significantly better, with only SAR (+1.88%) showing a positive change.
Among the stocks that came under pressure, the biggest losses were for AKTR (-2.39%), CENER (-2.81%), ARAIG (-3.62%), DAA (-2.99%), DEI (-3.74%), ELHA (-3.12%), LAMDA (-2.51%), and BELA (-2.22%).
MTLNshares (-1.55%) ended trading at a new 12-month low amid estimates by brokerage firms that "in the fourth quarter of 2025, the listed company will make small forecasts for some projects, the implementation of which has been delayed, which are the last ones." In any case, the next support level is at €34.78 and the first significant resistance level is at €43.18 (200-day exponential moving average).
Analysts' estimates
"The picture in the EU markets is cautious, as investors monitor developments surrounding the US-Iran negotiations amid a reaction from technology companies,"according to Eurobank Equities.
"Geopolitics is back in the spotlight. We expect investors to remain cautious, closely monitoring developments regarding tensions between the US and Iran, while the market digests yesterday's strong rebound," Beta Sec emphasizes .
"In the US, pressure on the technology sector, mainly software companies, appears to be easing at this stage. On the other hand, the Fed's minutes showed hesitation about further interest rate cuts as long as inflation persists. Nevertheless, converging estimates point to two 25bp interest rate cuts in 2026. It is worth noting that since early December, the Euro Stoxx 600 has outperformed the S&P 500 by almost 10 percentage points (return expressed in euros). Domestically, Hellenic Exchanges' 2025 results were spectacular, with operating EBITDA increasing by 78.1% to €42.2 million and net profits reaching €31.6 million (+82.7%)," notes Depolas Investment Services.
"Interest is now turning to the announcements of 2025 results and new management guidance, with a focus on banks,"according to Kyklos AXE.
"This week finds the Athens Stock Exchange in a phase of intense volatility, which is logical after eight consecutive weeks of gains that brought the general index above 2,400 points, with investors trying to balance the recent upward momentum with the need for technical relief in the indices, as Tassos Niavis points out.
Thus, after an impressive start to the year, with the general index exceeding 2400 points, a correction followed, as pressures on the banking sector and blue chips, such as OPAP and PPC, weighed on the climate. However, the market's strong long-term upward trend is not threatened, but corrections are necessary to attract 'fresh' capital to the market.
The investment community is now turning its attention to the announcements of the 2025 financial results and the business plans for the three-year period 2026-2028, with banks kicking off the official presentations at the end of the month. As we mentioned in our previous analysis, the banking sector is the "bellwether" of our market, and its results will give the index a further boost.
As for foreign markets, they are flirting with their historic highs despite concerns about artificial intelligence companies and the huge capital reserves required to create data centers, as well as the huge capitalizations of large AI companies.
Generally speaking, we would say that we are entering a new era in the markets and the global economy, where traditional rules no longer apply and technological developments are rapid, and we need to adapt our economic thinking to these new developments in order to make better investment decisions,"emphasizes Mr. Niavis (certified financial analyst).
The highest capitalizations on the Athens Stock Exchange
In first place in terms of capitalisation on the Athens Stock Exchange is EEE (20.2), followed by EUROB (14.5), ETE (13.2), PIR (10.1), ALPHA (8.6), DEI (6.7), OTE (6.9), OPAP (6), MTLN (5.1), CENER (4.4), BOCHGR (4.1), TITC (4.1), MOI (4), GEKTERNA (3.6), BIO (3.5), DAA (3.5), BELA (3.3), ELPE (2.8), AKTR (2.2), CREDIA (2.2), OPTIMA (2.1), BYLOT (1.8), ELHA (1.7), PRONTEA (1.5), ARAIG (1.2), LAMDA (1.2), PPA (1), KAREL (1), LAMPSA (1 billion euros).
The stocks that are in the lead
In the race for the best annual returns in 2026, according to Alpha Trust data, CENER (+38.33%), GEKTERNA (+36.9%), LAVI (+36.7%), XYLP (+32.35%), OPTIMA (+25.81%), ALMY (+24.71%), ACAG (+24.18%), ELHA (+23.67%), VINDA (+23.48%), KRI (+22.63%), EEE (+20.75%), and PEIR (+20.4%).
"Tips" outside the FTSE25 limits
With buyers positioned lower than the previous close, low trading volumes, or "market" orders, the following moved higher: XYLP (+8.33%), LOGOS (+4.63%), NAKAS (+2.23%), SOFTWEB (+0.70%), TZKA (+0.87%), TRASTOR (+0.78%), ELVE (+1.85%), TREK (+0.97%).
VINDA (+5.16%) reached new historic highs, but is not convincing.
It shows that ADMIE shares (+0.68%) have begun to "get used" to closing below €3.00. According to Giorgos Fintikakis' report, "delays in licensing, re-announcements of tenders, mandatory changes in routes due to proximity to firing ranges, along with, of course, the absence of new money imposed by the AMK, are forcing ADMIE to revise the timetables and budgets for the major electrical interconnections in its investment program. In this direction, costs are increasing and timetables are being postponed for the interconnections of the Dodecanese, the North Aegean, and the second line to Italy, i.e., the projects that constitute the "heavy artillery" of the plan for the period 2025 - 2034, for the implementation of which capital support was also deemed necessary.
CREDIA (-3.48%) announced a general meeting on March 16 to raise new capital of up to €300 million and establish a program for the free distribution of Bank shares to executive members of the Board of Directors.
According to an announcement by IKTIN (-2.86% and 7.5-month low), "the transfer of 100% of the shares of the subsidiaryIDEI S.A. to the company NANKO ENERGY S.A., which operates in the renewable energy sector, has been completed. The total consideration for the transaction amounted to €8.3 million. The completion of the transaction contributes to the improvement of the Company's financial position and is part of its strategy to focus on its core business activities."
HELEX (+2.09%) extended its upward trend with the highest volume in the last 2.5 months, in the wake of the satisfactory results it announced. With a 25% increase in employee salaries and huge fees for consultants for the acquisition by Euronext.
During the conference call held by Euronext with analysts to present its 2025 annual results, its management stated that it reserves the right to use any legal means to acquire the remaining 24.75% of Hellenic Exchanges shares (it already owns 74.25%). It also stressed that all alternatives are being examined in order to achieve this goal and ensure the best possible integration of EXAE into the Euronext Group.
The chairman of the board continues to buy shares in FOUND (-3.17%).
With increased trading since the start of the session, MATHIOS (-8.54%) fell to €0.74 (-9.76%).
Ten consecutive sessions of decline for YKNOT (-4.94%) and new 7-month lows.
Buyers returned to GKMEZ (+3.51%).
A small bid was placed on PLAKR (+1.39%).
DOPLER (-2.75%) was a rollercoaster ride.
Significant sellers appeared in DROME (-7.10%) and LANAK (-8.20%).
INLIF (+1.55%) also doubled its upward sessions.
The selling spree continued in ACAG (-1.55%).
Upward trend for REVOIL (+4.83%).
With the first buyer at €23.8 (-8.46%) and a daily volume of 1 unit, the few who have taken a position in DOTSOFT (0%) will have to wait a long time, despite the fact that the listed company continues to take on projects at an extremely high rate.
From bad to worse for INTEET (-2.65%).
The highest volume of the last quarter was recorded by GEBKA (+1.27%).
BYLOT (-2.87%) is at a two-month low.
The technical picture of the main indices
The General Index with a daily sell signal, which is canceled with a return and closing higher than 2407 points. The next supports are at 2250 – 2232 (gap), 2200, 2163, 2100, 2077, 2062 - 2056, 2038 - 2033 (the simple 200-day EMA and the exponential 200-day EMA converge). The first resistance is at 2334 – 2348 (gap) and 2355, and the next is at 2450 points.
Daily sell signal also from the large-cap index, which is canceled by a return and close above 6153 points. The next resistance is at 6200 points. The next supports are at 5584, 5243, 5137 (simple 200-day moving average), 5125 points (exponential 200-day moving average).
A stroll through the international markets
With a clear advantage for buyers, trading on the major markets in Asia-Pacific came to a close. Holidays in China, Hong Kong, and Taiwan. The Kospi index reached new historic highs.
Pressure returned in Europe, with a cautious outlook on Wall Street.
Notable gains for oil, with the euro at 1.176 against the dollar.
Gold returns above $5025 (April 2026 contract), silver reacts towards $78 (March 2026 contract).
Bitcoin is at $66,400 and Ethereum at $1,925.
The International Monetary Fund has issued a clear warning to China, calling for a reduction in state support for industry, as international concerns about overproduction in the world's second-largest economy intensify. According to the Fund's estimates, Beijing spends about 4% of its GDP on subsidies to companies in critical sectors. The IMF proposes reducing this percentage by two percentage points in the medium term.
"The European banking market is entering a new cycle of consolidation, with mergers and acquisitions returning as a key strategic growth tool. The starting point is stronger profits, improved capital reserves, and the need for scale and revenue diversification so that banks can support resilient profitability over time. Announcements of deals will increase further in 2026 and 2027, with a focus on Italy, the Nordic markets, and Poland," according to S&P Global Ratings.
The US trade deficit widened in December. According to data released by the US Department of Commerce, the deficit in goods and services trade increased to $70.3 billion compared to the previous month, while on an annual basis, it peaked at $901.5 billion, remaining one of the largest recorded since 1960. The average estimate by Bloomberg economists was for a total deficit of $55.5 billion.
On the other hand, in the week ending February 14, the number of unemployment benefit claims in the US rose to a seasonally adjusted level of 206,000, down 23,000 from the previous week (a slight upward revision to 229,000 from 227,000). Analysts' average estimate was for 225,000 new unemployment benefit claims.
The number of contracts for home purchases to be executed in one or two months recorded a further decline in the US in January. Specifically, the National Association of Realtors (NAR) announced that the pending home sales index, based on signed contracts, fell 0.8% in January compared to December, to 70.9 points. Analysts polled by Reuters had predicted that the index would rise 1.3%. Compared to January 2025, the index slipped 0.4%.
US President Donald Trump said that "good talks" with Iran are underway, but a substantive agreement is needed. Things will become clearer for Iran within the next ten days; we still have work to do. Tehran is called upon to follow the 'path of peace', otherwise 'bad things' will happen.
Back to the Athens Stock Exchange
It should be noted that, according to Alpha Trust data, today's session removed €3.2 billion from the total capitalization of the Athens Stock Exchange, to €157.2 billion.
AXIA - Alpha Finance considers the market's concern that recent discussions in Europe about interventions in electricity prices could significantly affect PPC to be excessive. Based on the above, AXIA maintains a "buy" recommendation for the stock and a target price of €25.40, estimating that "PPC's investment narrative remains unchanged, despite the European 'noise' surrounding regulatory interventions.".
Among large-cap stocks, ALFA, ETE, EUROB, PIR, ARAIG, AIA, PPC, EEE, EYDAP, LAMDA, BOCHGR, and CENER did not see positive gains. Through the final auctions, SAR closed at the day's high and ALFA, ARAIG, and DAA closed at the low.
The final picture was poor, with 30 stocks rising and 119 falling, while 15 stocks ended the session with losses of more than 4%.