Today’s session on the Greek stock exchange was clearly bearish , with the main ATHEX indices trading consistently in negative territory, following the cautious mood in European markets and closing at the day’s lows.
All of the above were accompanied by the highest trading volume of the last five sessions.
It is worth noting that the General Index and the banking sector index were coming off six consecutive sessions of gains, with cumulative gains of 7.18% and 10.31%, respectively, while the six-session winning streak was a six-month record for the General Index and harkened back to the period from November 19, 2025, to November 26, 2025, when the General Index recorded six consecutive sessions of gains.
On the other hand, yesterday’s closing of the index marked a new high of more than 3.5 months, with the immediately preceding high having been recorded on 2/4/2026 (2,407.07 points).
All of the above certainly made the task “easier” for “profit takers”—at least those who decided to reduce their positions while monitoring developments in the Persian Gulf.
More specifically, U.S. forces carried out new strikes targeting a military site believed to threaten U.S. troops and commercial shipping in the Strait of Hormuz.
On the other hand, the Islamic Revolutionary Guard Corps stated that it struck a U.S. airbase near Bandar Abbas Airport.
The situation appears to be shifting following the close of trading on the Athens Stock Exchange, as“the U.S. and Iran have reached a 60-day framework agreement to extend the ceasefire and begin negotiations on the Iranian nuclear program, however, final approval by President Trump remains pending,” as reported by two U.S. officials and a source involved in the mediation efforts on the Axios website.
Even with this development, and according to analysts, “damage to energy infrastructure and supply chains has already created persistent inflationary pressures, which will not subside soon, even if the U.S.-Iran conflict ends immediately.”
The Minister of National Economy and Finance, Kyriakos Pierrakakis, also expressed caution regarding a significant decline in international oil prices, even in the event of a de-escalation of the geopolitical crisis in the Middle East .
On the other hand, and according to the most optimistic scenario, “the resilience of corporate earnings reported by most S&P 500 companies supports the argument that U.S. stocks can absorb higher interest rates without serious destabilization.”
It is worth noting that the S&P 500, Nasdaq, and Russell 2000 indices closed at new all-time highs in last night’s trading on Wall Street .
Returning to the Athens Stock Exchange,“following a strong short-term rebound and amid the new escalation of tensions in the Middle East, the market may become more vulnerable to a moderate profit-taking move. Increased geopolitical uncertainty, particularly regarding energy markets and stability in the region, may prompt investors to adopt a more cautious stance following recent gains. However, downside risks could be partially mitigated by positive developments in the corporate sector. Strong first-quarter 2026 results from MOI, CENER, and KRI are likely to attract selective buying interest, particularly in stocks demonstrating stable earnings momentum and positive operational trends. “As a result, catalysts related to specific stocks may help mitigate the broader market weakness and support a more differentiated trading pattern,”according to Beta Sec.
Beyond that—and this may be significant—dividend distributions and payouts from listed companies are beginning to increase.
According to the “go-to expert” on such matters, Manos Hatzidakis (Beta Sec.),“by the end of July, approximately €4.9 billion is expected to have been distributed, out of a total of €5.2 billion corresponding to total distributions for the 2025 fiscal year. It should be noted that from interim dividends and capital returns made last year, shareholders have already received approximately €1.45 billion. At the market level, this year’s distributions reflect an average payout policy of nearly 55% of net profits, the highest percentage recorded to date.
This trend is explained both by the significant improvement in corporate profitability, with 82% of listed companies reporting profits, as well as the favorable tax regime for dividends, as the tax rate remains at 5%, maintaining a strong incentive for generous distributions. Increased profitability, strong corporate liquidity, and the gradual adoption of more shareholder-friendly policies are creating an environment in which cash distributions are no longer the exception but a key component of investment returns. The question now is not whether shareholders will be paid, but how sustainable this new wave of dividend generosity will prove to be.”
The picture remained disappointing for mid- and small-cap stocks, at least as far as those seeking higher valuations are concerned, with relatively lackluster trading. After all, the picture was bleak even during much better sessions than today’s, and it would be a massive surprise for it to improve on a day when the indices remained firmly in negative territory.
It should be noted that the latest MSCI changes will take effect after the close of tomorrow’s session, at which point the rebalancing will occur and take effect 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.
With the addition of the new shares and the subsequent rise, PPC’s market capitalization reached €13.1 billion, which may affect the weighting the stock will have in the MSCI Greece Standard Index, and this will be taken seriously into account by active foreign portfolios operating on the Athens Stock Exchange that track this index.
According to information from brokerage firms, sales are expected from passive funds in banks, OTE, and OPAP, in order to include GEKTERNA and increase the weighting in PPC, following the recent rights offering.
Those who followed the session from start to finish got a first glimpse of this today.
In the case of DEI , one could argue that today we witnessed a peculiar form of “front running,” with the electricity company’s stock (+4.67%) consistently trading in positive territory, closing at a new 214-month high, and accounting for 50% of the total gross trading value.
Meanwhile, the Athens Stock Exchange (ASE) and FTSE Russell announced the results of the regular semi-annual review of the composition of the FTSE/ASE indices for the period November 2025–April 2026. CrediaBank is being added to the FTSE25, while Sarantis is being moved to the FTSE/ATHEX Mid Cap. The weighting factors (Capping Factors) for the shares included in the indices will be calculated based on the closing prices of the trading session on Friday, June 12, 2026. All changes will take effect as of the trading session on Monday, June 22, 2026.
Meanwhile, according to the Capital Market Commission’s report regarding net short positions exceeding 0.5%:
Qube Research & Technologies Limited maintains a net short position of 0.61276% in BYLOT shares, and Arrowstreet Capital Limited Partnership maintains a net short position of 0.50525% in QLCO shares. JP Morgan Asset Management (UK) Ltd holds a net short position of 0.80012% in MTLN shares, and Marshall Wace LLP holds a net short position of 0.72087% in MTLN shares.
AKO Capital LLP, as of May 27, increased its net short position in MTLN shares to 1.31857% from 1.26799 %.
Trading in negative territory but well off the day’s lows, the major European markets saw active traders monitoring U.S.-Iran negotiations, energy price trends, macroeconomic data releases, and bond market yield trends.
The U.S. Personal Consumption Expenditures (PCE) price index rose 3.8% year-over-year in April, confirming analysts’ forecasts. On a monthly basis, it rose 0.4%, compared to a forecast of a 0.5% increase. Excluding the volatile categories of food and energy, the so-called core PCE price index rose 3.3% year-over-year, in line with analysts’ forecasts. On a monthly basis, the core index rose 0.2%. The increase was smaller than the 0.3% rise analysts had forecast.
Personal income remained unchanged in April, compared to a forecast of a 0.4% increase. Consumer spending rose 0.5%, in line with analysts’ expectations.
U.S. economic growth in the first three months of 2026 was 1.6%, down from the previous estimate of 2%, according to the Bureau of Economic Analysis.
According to the economic calendar, the ECB’s upcoming meetings and announcements regarding its 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.
Moods in the bond market are mixed following the release of the PCE data in the U.S. More specifically, the yield on the U.S. 2-year note stands at 4.04%, the 10-year note at 4.48% (the 30-year note at 5.03%), while the yield on the Greek 10-year bond is climbing to 3.668%.
The General Index remained in negative territory throughout the day, hitting a daily low of 2,348.93 points (-0.89%). At 5:00 p.m., it stood at 2,351.6 (-0.78%), and through the final auctions, it hit a new low of 2,348.43 (-0.91%) and closed at 2,348.45 points, with daily losses of 0.91%.
Turnover stood at 437.9 million, of which 93 million related to pre-arranged trades (CREDIA, ALWN, BYLOT, CENER, BOCHGR, ACAG, PPC, BEL, PIR, ETE, KUES, AKTR, EUROB, PETRO, ELHA, ADMIE, OTE, LAVI, ALFA), with PPC and EUROB accounting for 60% of the total gross trading value.
Of the total turnover of 437.9 million, 417 million related to trades in FTSE 25 shares.
The picture in the large-cap sector
Among the heavyweight banking stocks, EUROB (-4.19%) did not turn green, and OPTIMA (-1.31%) changed direction, while ALPHA (-2.8%), ETE (-2.65%), PIR (-1.06%), and BOCHGR (-1%).
The banking sector index remained in negative territory , falling to 2,673.11 points (-2.27%). At 5:00 p.m., it stood at 2,683.92 (-1.88%) and closed at 2,667.78 points, with daily losses of 2.47%.
The DTR has a daily buy signal, which is negated by a pullback and close below 2,454 points. The next support levels are at 2,415 (simple 200-day moving average) and 2,360 points (exponential 200-day moving average). The next resistance levels are at 2,741, 2,848, and 2,900 points.
Staying with the sector and according to a report by Nontas Chaldoupis,“Greek banks passed the International Monetary Fund’s very strict ‘stress tests’ with minimal losses. However, the IMF highlights the serious risks posed by the large share of deferred taxes in capital, the excessive concentration of loans in a few large companies, and the inefficiency of servicers.”
The final picture on the non-bank blue-chip board could be described as mixed, with ALWN (-3.08%), CENER (+2.8%), GEKTERNA (-2.23%), AIA (-1.77%), EEE (-1.78%), ELHA (-2.15%), BELA (-2.55%), ARAIG (-1.79%), BIO (+2.48%), DEI (+4.67%), and SAR (+1.43%).
BIO (+2.48%) and SAR (+1.43%) closed at new all-time highs.
Analysts' estimates
“In the regional market, we saw institutional investors offloading positions in various securities, with both retail and institutional buyers stepping in to absorb the supply. It appears that the player carried out a significant portfolio restructuring,”according to Fast Finance SA.
“EU stocks turned negative, following the deterioration of risk sentiment, as higher oil prices and renewed geopolitical tensions are putting pressure on stocks, alongside rising bond yields,”notes Eurobank Equities.
“The maintenance of the GDXA above the 2340–2320 point range keeps the scenario of a move toward 2400–2450 points active in the short term, with key support levels at 2300 and 2280 points,”according to Kyklos Securities.
“The technical picture of the General Index is excellent, with the third Elliott wave in ‘all its glory’ potentially driving the index to new 16-year highs. It should be noted at this point that we are in the ninth week of this particular wave, which is the longest in duration and performance of the entire sequence of Elliott waves, as pointed out by Tasos Niavis.
The extremely strong long-term upward trend in our market is constantly strengthening and was not threatened at all during the crisis in the Middle East and the rise in international oil prices.
The Greek stock market has demonstrated that it essentially functions as a “developed” market, even though it will not formally be classified as a mature market until 2027.
The banking sector is leading the market rally and will continue to outperform due to significant credit expansion and the increase in the banking system’s organic profitability.
The large-cap stocks of the FTSE25 are also on the rise, and at this point we should highlight the fact that Greek companies have demonstrated a strong outward focus, as a result of which they have operated in international markets with great success and have achieved significant diversification of their profitability.
The recent “pharaonic” capital increase by PPC and the interest shown by foreign institutional investors proved once again that the market is "thirsty" for large projects and that Greek companies are in the crosshairs of major funds from developed markets, which invest for the long term.
In international markets, the new record highs of U.S. indices and the relative decline in international oil prices point to a positive outcome in negotiations between the U.S. and Iran.
Anotherpositive development is the news that a major Greek shipping company (Safe Bulkers INC) will begin parallel trading on the Greek stock exchange, paving the way for other major shipping companies to list on Euronext Athens, so that our market can grow and take its rightful place among the major developed markets,”as noted by Mr. Niavis (certified financial analyst).