The positive sentiment in European markets, the decline in oil prices (Brent -5.07%, WTI -5.61%), as well as bond market yields, were the—and there were quite a few—factors that helped the main indices of the Athens Stock Exchange remain firmly in positive territory, with the General Index closing the session up “run” with cumulative gains of 4.86%, and the banking sector index, with an equal number of upward sessions, posting gains of 6.51%.
It is worth noting that today’s closing level of the General Index is the highest in over three months, with the next highest having been recorded on 2/18/2026 (2,327.44 points).
Moving forward and taking developments in chronological order—excluding those listed on the Athens Stock Exchange—the revision of the composition of the FTSE Russell indices was announced. Any changes to the weightings will take effect on June 22, 2026 (rebalancing on June 19). The next announcement of the quarterly review is scheduled for August 21, 2026.
It is noted that the latest MSCI changes will take effect after the close of trading on Friday, May 29, at which point the rebalancing will take place and the changes will be implemented on June 2, 2026 (June 1 is a holiday), with the main development being the addition of GEKTERNA to the composition of the Standard Europe benchmark index. On the evening of August 12, 2026, announcements are expected regarding the next restructuring of the MSCI indices as part of the quarterly review.
Turning to international markets, it should be noted that the Dow Jones index closed Friday’s trading at new all-time highs, as did the Japanese Nikkei this morning , while quite a few markets were closed today, including the U.S., Switzerland, the United Kingdom, South Korea, and Hong Kong.
For those who enjoy statistics, the S&P 500 index has now posted eight consecutive weeks of gains, the longest streak since December 2023.
“Negotiations with Iran are proceeding in a smooth and constructive manner. I have instructed my representatives not to rush into a deal. Time is on our side. The U.S. naval blockade of Iran will remain in full force until an agreement is reached, ratified, and signed,” said U.S. President Donald Trump on his “Truth Social” platform, and all signs point to it being a massive surprise if even a single day goes by without the president making a statement.
“We have reached a framework, but no one can say that an agreement between the U.S. and Iran is imminent, ”replied Iranian Foreign Ministry spokesman Ismail Baghai.
Returning to the Athens Stock Exchange, most analysts express cautious optimism, noting that traders’ attention will remain focused on oil prices and the ongoing talks regarding the reopening of the Strait of Hormuz.
Despite the fact that the indices on the Athens Stock Exchange remained consistently in positive territory, trading activity remained low (the lowest turnover in the last 7 sessions), likely due to holidays in several international markets; the “big picture” for mid- and small-cap stocks remains unchanged, with a disappointingly small number of stocks commanding higher valuations with relatively convincing trading volume, while all traders will have their attention focused on tomorrow’s session and the PPC stock.
It should be noted that, following Friday’s correction, PPC shares (+2.91%) traded in positive territory throughout the day today.
Note that with the entry of new shares tomorrow, PPC’s market capitalization will change significantly, which may affect the stock’s weighting in the MSCI Greece Standard Index—a factor that will be taken seriously into account by active foreign portfolios operating on the Athens Stock Exchange and tracking that index.”
It remains to be seen whether the liquidity released by PPC’s rights offering will extend to other index-weighted stocks, aside from banks and shares of companies that were pressured by the negative sentiment caused by the military operations in the Persian Gulf (energy-intensive industries, travel and tourism).
Refinery stocks will also come under scrutiny if the decline in oil prices and refining margins continues.
Of course, there are also those with a more optimistic outlook, who argue that if the index continues 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.
“The renewed optimism surrounding potential peace negotiations between the U.S. and Iran has helped ease geopolitical concerns and drive down oil prices, reducing pressure on inflation expectations and boosting the overall risk appetite in global markets. “In this context, the domestic market also moved positively, while the investment climate is expected to benefit from the improved external environment,”notes Beta Sec.
“The Athens Stock Exchange continues to show resilience, following PPC’s successful rights offering and the maintenance of increased market liquidity. Attention remains focused on developments in the Middle East, expectations regarding the ECB’s interest rate path, as well as the upcoming MSCI and FTSE/Russell index rebalancings, which are expected to influence short-term portfolio behavior and market volatility. The Dow Jones closed at new record highs on Friday, while the S&P 500 posted its eighth consecutive week of gains, the longest winning streak since 2023, as investors continue to price in a potential de-escalation of the U.S.-Iran crisis and a gradual stabilization of energy markets.
At the same time, a significant portion of international investor interest is now also focused on the filing of SpaceX’s S-1, which is vigorously reviving the narrative surrounding AI, hyperscale infrastructure, and the space economy. The market views the potential IPO as a pivotal event for the Nasdaq and the technology sector as a whole, with expectations of particularly strong institutional and passive inflows should the Company be included in key indices,”as noted by Kyklos Securities.
“The recent capital increase by PPC served as a reminder that the domestic market is ‘alive’ as long as there are ‘compelling stories’ that meet the requirements of the current economic climate (sectors, business model, profitability, size, etc.). At the same time, there is a marked resurgence in the public offering sector, with Lamda Development set to issue a corporate bond, Attica Department Stores following suit with the aim of listing on the main market of the Athens Stock Exchange, and ADMIE set to issue new shares for its own capital increase by June. This activity is creating conditions for a shift away from the inward-looking stock market environment of recent times, which had been dominated by political risk assessments, outflows due to index rebalancing, or the usual references to the impact of energy prices,”according to Manos Hatzidakis (Beta Sec.).
With a positive tone and buyers taking the lead , the major European markets opened higher , with active traders monitoring U.S.-Iran negotiations, corporate earnings announcements, trends in energy prices, and bond market yield trends.
“Maintaining the credibility of the European Central Bank is a strong argument in favor of raising interest rates next month, ”according to ECB Executive Board member Yannis Stournaras.
“The European Central Bank is expected to revise its inflation forecasts upward when policymakers meet next month,” according to Christine Lagarde, who declined to specify whether such a revision would put the ECB on a path to raising interest rates at its June 11 meeting.
According to the economic calendar, the ECB’s next meetings and announcements on monetary policy are scheduled for June 11, July 23, September 10, October 29, and December 17, 2026.
The Fed’s corresponding meetings are scheduled for June 17, July 29, September 16, October 28, and December 9, 2026.
“The trajectory of the European Union’s public debt could become explosive, dealing a blow to the bloc’s economy, if measures are not taken to address fiscal pressures. Without intervention, public debt will follow an unsustainable path. With unchanged policies, the debt of the average European country will reach 130% of GDP by 2040, nearly double the current level,” the IMF stated in a report presented to EU finance ministers during an informal meeting in Nicosia.
Global debt reached new record levels at the end of March, nearing $353 trillion, according to a recent report by the International Institute of Finance.
Given these figures, it is easy to understand why most central banks continue to buy gold, even though the precious metal appears to be threatened by the expected rise in interest rates.
Yields in the bond market are trending lower across markets that are open. More specifically, the yield on the U.S. 2-year note remains unchanged at 4.12%, the yield on the corresponding 10-year note stands at 4.56% (the yield on the 30-year note is at 5.06%), while the yield on the Greek 10-year bond fell to 3.607%.
The General Index remained firmly in positive territory, climbing to 2,326.21 points (+2.4%). At 5:00 p.m., it stood at 2,321.36 (+2.19%) and closed at 2,318.73 points, with daily gains of 2.07%.
Turnover stood at 184.6 million, of which 8.2 million related to pre-arranged trades (OPTIMA, PPC, PROF, AIA, PRONTEA, EUROB, PIR), with PPC, PIR, and EUROB accounting for 37% of the total gross trading value.
Of the total turnover of 184.6 million, 161.3 million relates to transactions in FTSE 25 shares.
The picture in the large-cap sector
Among the heavyweight banking stocks, BOCHGR remained in negative territory, while ALPHA (+5%), ETE (+1.98%), EUROB (+4.76%), PIR (+2.8%), and OPTIMA (+2.4% and closing at new all-time highs).
As of today, BOCHGR shares (-3.36%) were traded without the €0.50 per share amount (the final net dividend payment amount received by each shareholder may vary depending on the shareholder’s tax residency. Shareholders should consult their qualified tax or financial advisor and/or other qualified professionals to determine their tax obligations).
The banking sector index remained firmly in positive territory , reaching a daily high of 2,657.18 points (+3.4%). At 5:00 p.m., it stood at 2,638.5 (+2.67%) and closed at 2,641.18 points, with daily gains of 2.77%.
The DTR has a daily sell signal, which is negated by a rebound and a close above 2,679 points. The next resistance levels are at 2,741, 2,848, and 2,900 points. The next support levels are at 2,406 (simple 200-day moving average) and 2,349 points (exponential 200-day moving average).
“Green” stocks dominated the non-bank blue-chip board almost entirely, with the “red” exceptions of AKTR (-1.54%), EEE (-0.3%), and OTE (-0.91%).
Among the day’s winners, the highest returns were recorded by ARAIG (+3.34%), GEKTERNA (+5.67%), and SAR (+4.49%).
BIO shares closed at new all-time highs (+2.08%).
After a downward trend, SAR shares moved higher today (+4.49%) without dipping into negative territory. If it continues to rise, the next resistance level is at €15.76 and the first support level is in the €13.80–13.74 range (where the two 200-day moving averages converge).
According to an announcement by MOI (+1.5%),“Motor Oil and Mercuria Energy are moving forward with a strategic partnership to develop the ‘Dioryga Gas’ floating LNG terminal, reinforcing the plan to transform Greece into a key gateway for natural gas imports to Southeast Europe. The two sides signed a memorandum of understanding (MoU), which establishes the framework for long-term cooperation on the ‘Dioriga Gas’ floating LNG storage and regasification unit (FSRU) ‘Dioriga Gas’ project, which is being developed by Motor Oil through its subsidiary ‘Dioriga Gas’ in the Saronic Gulf.”
Analysts’ estimates
“The 2,322 GDX level, especially at the week’s close, will make the difference ifitholds,”estimates Fast Finance SA.
“The mood in European markets is positive, thanks to news regarding a potential agreement between the U.S. and Iran, although Wall Street and several other international markets remained closed due to a holiday,”as reported by Eurobank Equities.
“Over the weekend, optimism returned regarding a potential agreement between the two sides in the Middle East. The coming week includes key macroeconomic data, primarily on Thursday, when April’s personal consumption inflation and the annualized first-quarter GDP (second estimate) for the U.S. will be released. We also remind you that the MSCI index rebalancing will be completed on Friday. On the Athens Stock Exchange, an upward trend is expected, though without increased trading volume, due to a holiday in many international markets,”as noted by Depolas Investment Services.
“The Athens Stock Exchange now clearly exhibits the characteristics of a developed market. If one considers that the stock exchange closed last week with gains, while simultaneously absorbing the largest rights offering in its history, then one can easily argue that the Greek market deserves this ‘stamp,’ as Elias Zacharakis assesses.
Trading volumes remain at notably high levels, with buyers stepping in during every downturn and easily absorbing supply. Those of us who remember PPC with a market capitalization of just 300 million euros and now see it rising to fourth place in the market with a valuation of 11 billion euros, while simultaneously “given away” approximately 850 million through ADMIE, can understand that long-term forecasts are often overturned by market reality itself.
There is no need to engage in the process of labeling something as expensive or cheap, nor to predict how high it might go. The daily price is what ultimately determines a stock’s valuation.
Demand in the recent rights offering was not fully met, and a significant portion of the funds released is expected to return to the market.
At the same time, we have another significant rights offering ahead of us , that of ADMIE, which is expected to raise approximately €1 billion from the market.
On the geopolitical front, it appears that progress is being made toward an agreement between the U.S. and Iran. However, we should not base our investment decisions on such news, as markets typically price in events long before they are confirmed.
Everyone should follow their own investment plan rather than the news cycle.
What we are observing in the market is that interest is gradually shifting toward small- and mid-cap stocks, in tandem with positive business developments and strong results.
So far, there are no signs of excesses, and the market is operating at a relatively calm pace, which is considered positive.
Bank credit expansion remains the key driver of business developments. It is now clear that their focus is on both mortgage and consumer loans, which could significantly boost consumption—a scenario we haven’t seen since the early 2000s.
This development could substantially support the banking sector in the coming years, while also offering greater diversification in loan portfolios.
Technically, a break above 2,322 points significantly increases the chances of testing higher levels.
The overwhelming majority of stocks remain in “long” positions, a fact clearly reflected in the relevant data.
The major medium-term target, provided key resistance levels are broken, lies at 2,650, or even 2,800 points.
“Everything indicates that in the coming period we will witness particularly interesting trading sessions, with even more capital flowing into the Greek stock market,”according to Mr. Zacharakis (Chairman and CEO of Fast Finance SA).