Within a range that did not exceed 24 points and with constant swings in direction, at least until 3:00 p.m., the General Index moved during the last session of the week, with market participants opting for a wait-and-see approach and selective positioning, awaiting the latest developments from the Persian Gulf.
The picture improved in the last two hours of the session, as a result of the news flow coming from the Persian Gulf, but buyers still lost significant ground from the day’s highs.
More specifically, and taking the news in chronological order, a high-ranking Iranian official told Reuters that “no agreement has been reached in the negotiations between the U.S. and Iran, but differences have been narrowed.” The biggest sticking points in the negotiations concern Iran’s enriched uranium and the status of the Strait of Hormuz.”
“The final draft of a potential agreement between the United States and Iran, brokered by Pakistan, is expected to be announced within the next few hours, ”according to sources at “Al Arabiya,” and it was this news that triggered a relative pullback in oil prices from intraday highs and a further decline in bond yields.
Seizing the opportunity, buyers took more initiative on European stock exchanges, a move that was also followed by the Athens Stock Exchange.
It should be noted that last night on Wall Street, the Dow Jones index closed at new all-time highs.
Returning to the Athens Stock Exchange, the shares of DEI (-3.56% and closing at the day’s low), which had ended yesterday’s trading at a 214-month high.
In yesterday’s post-session commentary, this column noted, among other things“It should be noted that the ‘blocks’ of treasury shares were traded on the Athens Stock Exchange during the closing auctions at a price of 18.63 euros, propelling turnover to a quarterly high (the next highest was on 2/27 at 707.6 million) and taking most market professionals by surprise, as they had expected treasury shares and new shares to begin trading on the same day (5/26).”
According to reports, some of the portfolios that acquired the existing shares “gave in to temptation” and rushed to lock in quick profits, while others, given that the current price on the Athens Stock Exchange is higher than the price of the recent rights offering, chose to sell their “old shares,” waiting for the new shares they acquired at 18.63 euros.
Given all of the above, it was entirely natural for the Public Power Corporation’s stock to account for 24% of the total gross trading value.
Note that with the entry of the new shares, PPC’s market capitalization will change significantly, with all that this may entail for the stock’s weighting in the MSCI Greece Standard Index, and this will be taken seriously into account by active foreign portfolios operating on the Athens Stock Exchange and track that index.”
“Domestically, the successful completion of PPC’s rights offering and the strong recovery of the banks are restoring liquidity and momentum to the market, with the market attempting to retest the 2,300-point level. However, geopolitical developments in the Middle East and persistently high bond yields continue to limit investment visibility and keep short-term volatility elevated. “Maintaining the General Index above 2,250 points significantly improves the short-term technical picture and brings back scenarios of a move toward 2,300 points,”according to Kyklos Securities.
On the other hand, and according to information from brokerage firms known for their more conservative estimates, “the liquidity released by PPC’s rights offering is unlikely to extend to other index-weighted stocks, other than banks, as most valuations of non-bank blue chips are considered reasonable, or even slightly ‘stretchy.’ In this case, the stocks of systemic banks may lead the next upward wave, whenever it comes, as the discount relative to European banks has widened during previous sessions.” and this was evident again today, as the few buyers were extremely selective among non-bank blue-chip stocks.
Of course, there are also those with a more optimistic outlook, and they argue that if the index begins to close above 2,300 points, the trend will strengthen and fundamentals will take a back seat. In any case, the Athens Stock Exchange has always been a trend-driven market.
There are no significant changes in the mid- and small-cap sectors, where the number of stocks vying for higher valuations remains disappointingly small, with relatively lackluster trading.
On the earnings front, KRI, MOI, and CENER will announce their first-quarter results on May 27, and LAVI on May 28.
It is worth noting that the latest MSCI changes will take effect after the close of trading on Friday, May 29, at which point the rebalancing will occur and the changes will be implemented on June 2, 2026 (June 1 is a holiday). On the evening of August 12, 2026, announcements are expected regarding the next restructuring of the MSCI indices as part of the quarterly review.
Late tonight, announcements are expected regarding the restructuring of the FTSE Russell indices as part of the quarterly review. Any changes will take effect on June 22, 2026 (rebalancing on June 19). The next quarterly review announcement is scheduled for August 21, 2026.
Major European markets are trading in positive territory, with active traders monitoring U.S.-Iran negotiations, corporate earnings announcements, trends in energy prices, and bond market yield movements.
Bond market yields are showing signs of a mild decline across all issuers. More specifically, the yield on the U.S. 2-year note fell to 4.09%, the yield on the corresponding 10-year note to 4.55% (the yield on the 30-year note to 5.07%), and the yield on the Greek 10-year note to 3.707%.
Staying with government bonds, an auction of 26-week Greek government bills, in book-entry form, totaling €400 million, maturing on November 27, 2026, will be held on Wednesday, May 27, 2026.
The General Index fluctuated between 2,259.53 (-0.29%) and 2,283.2 points (+0.76%). At 5:00 p.m., it stood at 2,274.77 (+0.38%) and closed at 2,271.72 points, with daily gains of 0.25%.
Turnover stood at 273.5 million, of which 39.4 million related to pre-arranged trades (BOCHGR, OPTIMA, BYLOT, PPC, ALFA, EUROB, ADMIE, KOAL, ETE, BIO, KRI, PIR), with DEI, PIR, ETE, and EUROB accounting for 58% of the total gross trading value.
Of the total turnover of 273.5 million, 244 million related to trades in FTSE 25 shares.
Beyond that, today marked the final trading session of the week, with the General Index posting weekly gains of 1.11% and the DTR gaining 1.31%. Since the beginning of the year, the General Index has posted gains of 7.12%, and the DTR gains of 12.04%.
The picture in the large-cap sector
Among the heavyweight banking stocks, ALPHA (+0.31%) and BOCHGR (+1.17%) remained in positive territory, while ETE (+0.96%), EUROB (-0.7%), PIR (+0.21%), and OPTIMA (-0.38%).
The banking sector index fluctuated between 2,547.65 (-0.58%) and 2,594.3 points (+1.24%). At 5:00 p.m., it stood at 2,570.85 (+0.33%) and closed at 2,569.92 points, with daily gains of 0.29%.
The DTR has a daily sell signal, which is negated by a rebound and a close above 2,680 points. The next resistance levels are at 2,741, 2,848, and 2,900 points. The next support levels are at 2,404 (simple 200-day moving average) and 2,346 points (exponential 200-day moving average).
The final picture on the non-banking 25-stock index board clearly favors “green” stocks, with the biggest gains for AKTR (+1.56%), MTLN (+2.37%), CENER (+4.98%), ARAI (+3%), GEKTERNA (+1.3%), AIA (+1.5%), ELHA (+1.96%), and LAMDA (+1.5%).
Notable losses were recorded by ALWN (-2.26%), DEI (-3.56%), ELPE (-3.17%), and MOI (-1.93%).
According to Giorgos Fintikakis’ report,“the new growth and profitability avenues, ranging from new defense contracts outside Greece and plans for investments in scandium and germanium, to potential energy deals with France’s EDF, as well as the upcoming listing of METKA on the Stock Exchange, are highlighted by Metlen’s (+2.37%) progress toward its medium-term EBITDA target of €2 billion.”
“Metlen’s new guidance for 2026 is exactly where the market expected it to be,”according to Morgan Stanley, which maintains its “outperform” rating and a price target of €55 per share.
According to an announcement by LAMDA (+1.5%), “the Company’s Board of Directors has decided to issue a bond issue of up to €350 million, with a minimum amount of €330 million and a seven-year maturity, to offer the bonds through a public offering to investors in Greece, and to list the bonds for trading in the fixed-income securities category of the Athens Stock Exchange’s regulated market.”
BIO shares closed at new all-time highs (+0.95%).
Analysts’ estimates
“A move above 2282 will force many to buy toward 2300 in the first phase and 2323 in the second. The ‘bets’ are now on ADMIE. The rights issue is likely to be below 3.00. Some ‘lucky ones’ snapped up the same shares in PPC yesterday, and today the stock, quite coincidentally, corrected. It makes sense that there will be sellers, even from ‘mothers,’ until Monday,”as noted by Fast Finance SA.
“European markets are trading more steadily today, supported by gains in Asia and an improving market sentiment, amid signs of progress in the Iran talks and lower volatility, while higher oil prices keep macroeconomic risks in focus. The quarterly review of the FTSE Global Equity indices will be announced today, with any changes taking effect at the close of trading on Friday, June 19 (effective date June 22). Following the latest review, the FTSE All-World Index currently includes 30 Greek stocks,”notes Eurobank Equities.
“Trump’s statement that talks with Iran are in their final stages gave investors a breather and helped the Athens Stock Exchange (ASE) surpass 2,250 points, fueling expectations for another attempt to approach the 2,300-point mark,”according to Kykloos Securities.
“Credia Bank reported its first-quarter results, recording a 32.2% increase in core revenue on an annual basis and a 16.7% increase in recurring net profit, which stood at €13 million. “We do not foresee the General Index reaching a new high in the immediate future, at least until there are substantial positive developments in the geopolitical arena,”notes Depolas Investment Services.
“This week has been positive for the GD, with the market continuing to consolidate between 2,200 and 2,300 points over the past few weeks. Although the balance in the Middle East remains fragile, the latest data suggest that the worst is likely behind us and there is optimism that an agreement will be reached soon. Domestically, PPC’s rights issue was a great success, while business deals are constantly being announced, keeping investor interest high.
Furthermore, ADMIE’s recent surge in the last few trading sessions indicates that there are opportunities beyond the FTSE25 index, and we do not rule out the possibility of seeing other positive surprises in the future, as in some cases growth rates are explosive and could justify higher valuations. Next week, MOH, CENER, KRI, and LAVI will announce their financial results, while Wall Street will be closed on Monday. Technically, for the General Index, the next resistance levels are at 2,300 points,”according to Merit Sec.
“The Athens Stock Exchange continues to operate in a particularly interesting environment, where, on the one hand, there is strong domestic momentum, and on the other, there is heightened international uncertainty,” notes Symeon Mavroudis.
The Greek market continues to be supported by the fundamentals of (most) listed companies and by new business deals and corporate events. This, in turn, leads to increased investor interest.
However, international markets remain particularly sensitive to geopolitical developments, which in turn affect sentiment on the Athens Stock Exchange.
This has also sparked concerns about potential interest rate hikes in the near future by central banks of major economies, while at the same time, rising energy costs are weighing on the market in various ways.
Naturally, the domestic political landscape is beginning to create uncertainty, with the market currently unable to assess the situation, although it is likely to become a major concern for investors in the coming months.
“In this environment, the Greek stock market is showing remarkable resilience, as it remains in touch with pre-crisis highs, signaling a positive outlook,”notes Mr. Mavroudis (portfolio manager at Fast Finance SA).