An attempt at a delayed rebound took place today on the Athens Stock Exchange, led primarily by index-heavy stocks that had come under significant pressure during the immediately preceding sessions, but caution was more than evident, as was the “sensitivity” of active traders to any negative news, with the General Index, at the day’s lows, “slowing down” slightly before turning negative, only to follow with a new attempt at a “rebound,” but with a clearly lower intraday high.
It is worth noting that the banking sector index was coming off five consecutive sessions of declines, with cumulative losses of 5.41% and it was the banks that led the rebound effort, followed by stocks that had been at the center of the sell-off (MTLN +2.34%, ALWN +5.7%, amid estimates that the MSCI, in its latest update, will include the latter among the stocks in its developed markets indices).
“All-weather” CENER (+2.94%) closed at new all-time highs, while the latest rise in oil prices sustained buying interest in refinery stocks (ELPE +2.69%, MOI +1.84% and five consecutive sessions of gains).
Trading activity remained low, but it is worth noting that during the first half-hour, when the day’s highs were recorded, turnover reached 28 million, of which 9.2 million involved pre-arranged trades.
The picture was somewhat better among smaller-cap stocks, though sustainability remains the key question.
Starting with the international stock market scene and taking things in chronological order, the S&P 500, Nasdaq, and the Russell 2000 closed at new all-time highs on Friday, while South Korea’s Kospi followed suit this morning.
The S&P 500 and Nasdaq recorded their sixth consecutive week of gains, the longest streak since October 2024.
Today isa holiday in Japan, China, and the United Kingdom.
On the other hand, “traders and analysts emphasize that global stocks of crude oil, gasoline, diesel, and jet fuel will reach critically low levels by the end of May, at which point prices will rise sharply,” according to theFinancial Times.
Meanwhile, U.S. President Donald Trump stated that “he will raise tariffs on cars and trucks from the European Union to 25%,” arguing that “the EU has not complied with its trade agreement, while he has reviewed the new Iranian proposal and considers it unacceptable.”
According to a subsequent statement,“the United States will begin guiding certain neutral ships that have been trapped in the Persian Gulf to exit through the Strait of Hormuz. If, in any way, this humanitarian operation is obstructed, such obstruction, unfortunately, will have to be met with a forceful response.”
“Any U.S. intervention in the Strait of Hormuz would constitute a violation of the ceasefire and will be met with a response,” was Iran’s response .
A few hours later, the Iranian news agency “Fars” reported that “two missiles struck a U.S. destroyer near Jask Island after it ignored warnings to stop. The U.S. destroyer sustained damage and returned to its previous location.”
These developments pushed Brent back to its highest level since June 2022, with gains exceeding four percentage points, weighing on stocks and sending bond yields higher, followed by a partial pullback in energy prices after Axios refuted a report claiming that “a U.S. official denied that a U.S. ship had been struck by Iranian missiles.”
Returning to our own affairs and according to Kyklos AHEPAY,“the international environment remains tense, as the crisis in the Strait of Hormuz keeps Brent at high levels, reinforcing scenarios of $120–$150 and increasing inflationary risk. This limits visibility on interest rates and weighs on the Greek economy ahead of the tourist season.
At the same time, Donald Trump’s stance on the U.S. – Iran front and his rejection of the Iranian proposal keep energy risk high, while trade tensions with Europe (25% tariffs on cars) and the potential reduction of troops in Germany are heightening international uncertainty. The 2,200-point level on the GDX is the key equilibrium level. Closings above this level would bring back the accumulation scenario, while a drop below 2,180 points increases the likelihood of a move toward 2,165–2,150 points. The external environment remains the key factor shaping the trend.
Brent remains volatile, and the forecasts of the major banks are shifting significantly higher. ING sees an average Brent price of $150 in the third quarter under a bearish scenario, while Citi, Goldman Sachs, and Bank of America place their extreme scenarios in the $120–$150 range. Meanwhile, the IMF warns that ‘untargeted energy support measures increase fiscal costs and can trigger a reaction in bond markets, especially in highly indebted countries such as Greece, Italy, France, and Belgium’.
The “sell in May” question resurfaces, especially as geopolitical risk does not appear to be fully priced in. If banks stabilize and oil prices retreat, there could be a technical rebound on the Athens Stock Exchange. Conversely, a new rise in Brent toward $120 and continued pressure on the DTR increase the likelihood of testing lower support levels.”
On the other hand, according to a veteran and highly experienced market participant,“apart from international developments, the Greek stock market will remain in a state of prolonged ‘tug-of-war’ between existing funds that invest in emerging markets—which, under their bylaws, are required to liquidate positions within a specific investment horizon—and the entry of new funds that invest in developed markets.
The latter are, for the most part, passive funds that invest for years rather than months; therefore, they have no time constraints on their purchases and are not expected to make hasty investments as long as prices do not reach the levels they desire. All of the above pertain to a small number of large-cap stocks. From there and below, any stocks seeking higher valuations will need news and are expected to be driven by what are considered “domestic forces.”
In international markets, it remains to be seen whether the ‘risk-on’ period will come to an end, due to the dashed hopes for a sustainable ceasefire in the Middle East and a rapid de-escalation of energy prices.”
It should be noted that three listed companies—specifically PPC, ADMIE, and TRASTOR— have announced their intention to proceed with a rights issue in the very near future, with all that this may entail for market liquidity.
Additionally, Fitch is scheduled to assess Greece’s credit rating on May 8.
On May 12, MSCI Greece will announce its decision on index revisions .
Major European markets are trading lower , with investors monitoring oil prices and bond yields.
Bond market yields have resumed their upward trend . More specifically, the yield on the U.S. 2-year Treasury note rose to 3.92%, the yield on the corresponding 10-year note to 4.41%, and the yield on the Greek 10-year bond to 3.849%.
The General Index remained firmly in positive territory, reaching a daily high of 2,223.61 points (+1.6%). At 5:00 p.m., it stood at 2,207.97 (+0.88%) and closed at 2,205.04 points, with daily gains of 0.75%.
Turnover stood at 199.7 million, of which 21.1 million related to pre-arranged trades (AKTR, BYLOT, GEKTERNA, ARAIG, DEI, PIR, ALFA, PPA, PAP), with DEI, PIR, and ETE accounting for 41% of the total gross trading value.
Of the total turnover of 199.7 million, 184 million relate to trades in FTSE 25 shares.
The picture in the large-cap sector
Among the heavyweight banking stocks, PIR (+0.88%) remained in positive territory, while ALPHA (+1.18%), ETE (+0.56%), EUROB (-2.04%), BOCHGR (+0.22%), and OPTIMA (+0.45%).
The banking sector index fluctuated between 2,505.98 (+2.19%) and 2,428.98 points (-0.95%) . At 5:00 p.m., it stood at 2,457.72 (+0.22%) and closed at 2,454.47 points, with daily gains of 0.09%.
The DTR has a daily sell signal, which is negated by a rebound and a close above 2,741 points. The next resistance levels are at 2,848 and 2,900 points. The next support levels are at 2,372 (simple 200-day moving average) and 2,313 points (exponential 200-day moving average).
Staying with the sector and according to an announcement by EUROB,“on 4/29/2026, the share buyback program was completed, and the company now holds a total of 32,389,605 treasury shares, corresponding to 0.89% of its paid-in share capital. “Pursuant to the resolution of the Ordinary General Meeting dated April 28, 2026, the cancellation of 28,097,019 treasury shares under the program has been approved, subject to the relevant approval by the European Central Bank.”
On the other hand, National Bank of Greece exercised its right of early redemption for all outstanding senior bonds. These are securities totaling 200 million pounds, maturing on June 2, 2027, which were issued in December 2022 as part of the 5 billion euro Global Medium Term Note program. The Bank announced that the bonds will be repaid at their face value, in accordance with the terms of issuance, while accrued interest that has not yet been paid will also be paid as scheduled. The outstanding principal currently amounts to approximately 30.9 million pounds.
The final picture on the non-bank blue-chip board shows a clear lead for “green” stocks, with “red” exceptions including ARAIG (-1.35%), EYDAP (-1.36%), BEL (-1.89%), and SAR (-0.56%).
On the “green” side, the biggest gains were for ALWN (+5.7%), MTLN (+2.34%), CENER (+2.94%), BIO (+4.9%), EEE (+1.11%), ELPE (+2.69%), ELHA (+1.51%), MOI (+1.84%).
As of today, 2,494,811 new (KO) shares of ALWN (+5.7%) were listed for trading, resulting from the exercise of dividend reinvestment rights by a total of 3,172 shareholders, at an offering price of €13.47 per share. The Company’s total number of listed shares now stands at 806,782,473.
It is recalled that during the last trading session of the previous week, ALWN shares (+5.7%) hit a 41-month low, and today an attempt at a rebound was made. To partially restore the technical picture, consecutive closes above €16.70 (200-day exponential moving average) will be required.
Additionally, as of today, SAR shares (-0.56%) were traded without the €0.3951681182 per share (net amount: €0.3754097123 per share).
According to an announcement by AIA (+0.62%), “the offering price for the scrip dividend shares was set at €9.62.”
According to an announcement by TITC (+0.57%),“its subsidiary, Titan America SA, has completed the acquisition of Keystone Cement, a cement and aggregates producer headquartered in Pennsylvania. With this completion, the three acquisitions announced by the Group since November 2025 have now been finalized:
Vracs de l’Estuaire (Port of Le Havre, France) – Grinding plant with an annual clinker grinding capacity of 0.6 million tons
Traçim Çimento (Greater Istanbul Area, Turkey) - Cement plant with an annual production capacity of approximately 2.5 million tons, as well as permit rights for a second production line of 2.5 million tons
Keystone Cement (Pennsylvania, United States) - A cement plant with an annual clinker production capacity of 990,000 short tons and commercial opportunities in the aggregates sector
The contribution of the acquisitions, as well as the broader implementation of the “TITAN Forward 2029” strategy, will be presented during the release of the Group’s results for the first quarter of 2026, on Thursday, May 7, 2026.
According to a report by Stelios Bouras,“GEKTERNA executives are packing their bags in the coming days as they embark on a series of roadshows in London, Milan, and elsewhere, targeting investment funds seeking protection from inflation and stable returns through European infrastructure projects. “Although these investors have been around for years, the trend in the sector has been gaining momentum recently. Funds directed by investors toward infrastructure amount to €790 billion, while funds are searching but unable to find suitable investment solutions,” according to McKinsey.
It should be noted that GEKTERNA’s stock (+0.54%) climbed as high as €41.78 (+2.25%), aiming to close at new all-time highs, but ended today’s trading session significantly lower.
Analysts’ assessments
“A shift in loans and the ‘sensitive’ MEZZs are ‘jumping out the windows.’ The GD, if it wants to stem the sellers, needs to close above 2211. The banking sector is doing its best, but now there are other stocks with support from buyers. The BIO Group, once among the ‘unwanted,’ has become the ‘number one’ in demand on the board. All-weather and unstoppable. CENER, GEKTERNA, MOI, KRI, BANKING STOCKS, AKTR, EYDAP, ELPE, are also the most aggressive performers in the broader market, quickly recovering from corrections. “As time goes on, new stocks are being added,”notes Fast Finance SA.
“Investors will continue to closely monitor geopolitical developments in the Middle East,”according to Eurobank Equities.
“The focus is on the pricing of domestic listed companies’ earnings, ahead of the new reporting period that has already begun (Q1). We expect volatility to prevail, with attention focused on developments in Iran,” notes Beta Sec.
“On the geopolitical front, it appears that as proposals for an agreement between the U.S. and Iran—and vice versa—come and go, the market is inclined to remain optimistic, aided by the improved corporate results in the technology sector. Domestically, toward the end of the week, we expect the first-quarter results from EEE and EUROB on Thursday, as well as from OTE, ETE, and BYLOT on Friday,”notes Depolas Investment Services.
“The Athens Stock Exchange (ASE) has posted two consecutive weeks of declines, with the banking sector leading the downturn, effectively driving the market. Nevertheless, mid-cap stocks have ‘taken the lead,’ which has provided liquidity to retail investors after a long hiatus, as noted by Ilias Zacharakis.
Nowthe “game” is being played among the large funds, with some liquidating and others entering the market.
On the other hand, PPC’s massive rights offering is certainly “shuffling the deck,” as it will draw significant liquidity from the system.
The sector with significant gains is banking, and it makes sense that a large portion of the liquidity is coming from there.
The “weak links” of late are ALWN, BELA, and MTLN, as they have been moving against the market trend for quite some time. There have been significant outflows in all three stocks.
The construction sector continues to be a “safe bet” and, together with the BIO Group, is making a difference.
On the geopolitical front, there have been no major developments; while on one hand, Donald Trump refuses to even consider Iran’s terms, on the other, he is reducing troop levels in the region, having found other means of pressure.
The paradox is that oil and the S&P 500 are at multi-year or all-time highs, with the former driven by supply issues and the latter simply pricing in the expectation that a solution will be found soon.
This is a classic example of why we cannot profit from the market based on news alone.
On the other hand, NATO appears to be disintegrating, at least until we see how things develop, a fact that is forcing Europe to invest large sums of money—and quickly—if it wants to create a serious defense alliance.
Greece is perhaps one of the few countries that is equipped and ready, compared to other European countries, which makes it a serious ally, even for major European powers.
Christine Lagarde and Jerome Powell may not have raised interest rates, as they want to give it time and take a closer look at the “aftermath” of the crisis; nevertheless, inflation continues to trouble the economies. The sooner the situation becomes clear, the sooner we will be able to offset the losses. Let us remember that Powell’s term has ended, and we await the “day after.”
Technically, and as far as the Athens Stock Exchange is concerned, we have a mixed picture, since on the one hand the DTR has broken its daily resistance and continues to face pressure, while on the other hand most stocks in the rest of the market, along with the General Index, are holding onto their “long” positions.
The loss of 2214 was significant for the General Index as well; if it wants to be convincing, it must immediately manage to close above that level.
2187 and 2165 are nearby support levels. Everything indicates that the move is corrective before another upward attempt is made; nevertheless, we must follow the signals and the numbers. “On a weekly basis, we need to close above the recent highs to see a new trend, while on a monthly chart, we’ll hold as long as we maintain the 1,998 level we recently recorded,”emphasizes Mr. Zacharakis (Chairman and CEO of Fast Finance SA).