A session marked by mixed trading, with limited interest focused on a small number of large-cap stocks that offset the downward pressure from the rest of the market and the majority of index-weighted shares.
Potential sellers had the final say in the closing auctions, pushing the main ATHEX indices to their daily lows, along with six large-cap stocks.
It is highly indicative that trading volume exceeded 54.5 million in the closing auctions , a result of the aggressive moves made by the sellers.
On the other hand, it is worth noting that the banking sector index (-2.21%) completed three consecutive sessions of decline, with cumulative losses of 3.88%, and according to market sources, the publication of the Supreme Court’s decision also played a significant role in today’s weak performance.
More specifically, the Supreme Court’s full plenary session published its decision today, which, by a strong majority, ruled in favor of borrowers subject to the Katseli Law regarding the method of calculating interest. According to the Plenary’s decision,“the calculation of interest owed on ‘non-performing’ loans will now be based on the monthly installment rather than the total amount.”
Beyond that, today’s session confirmed that the sentiment of active traders will continue to be influenced by fluctuations in tensions in the Middle East, while the stock market’s signs of fatigue in the artificial intelligence sector are also beginning to raise concerns.
Staying on the Middle East front, Iranian Foreign Minister Abbas Araghchi stated that “no tangible progress has been made in the negotiations with the U.S., while clashes continue in Lebanon, despite Washington’s announcement of a ceasefire between Israel and the country.”
“Iran’s attacks have increased pressure on Trump and raised doubts about the long-term viability of the ceasefire,” U.S. officials told the WSJ.
Despite these statements, the decline in oil prices continues.
Returning to the Athens Stock Exchange, ALWN announced its first-quarter results before the start of trading .
On the other hand, the hesitation and highly selective moves by buyers in the large-cap segment have vindicated the assessments of those who continue to argue that “in the short term, attention will remain focused on upcoming rights issues and bond offerings, as well as potential IPOs on the Athens Stock Exchange, at least until a deal is announced that will lift the entire sector higher due to comparative valuations.”
As the first-quarter earnings season comes to a close, the consensus among most analysts is that “current valuations are ‘stretched’ and require confirmation of investment plans, with updates on new projects that will generate the next wave of interest.”
In all of the above, the decisions and announcements of the major central banks will also play an important role .
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.
“Banks will remain the main driver of the market, while energy prices, bond yields, and the outlook for European markets will determine risk appetite. The market maintains its positive medium-term outlook, but in the short term it needs stabilization, lower volatility, and a return of buying interest in banks and blue chips. Consecutive closes of the General Index below 2,350 points could test the next support level at 2,320 points. Resistance levels remain at 2,387–2,400 points,”according to Kyklos Securities.
Valuations appear less “demanding” in mid- and small-cap stocks, but very few of these stocks are the focus of attention, as few portfolios focus on the “lower tiers of the market,” and those that do are trading at multi-year or all-time highs.
Major European markets are showing a mild reaction, with active traders monitoring oil prices and bond market yields.
A new shift in the market, with bond yields easing. More specifically, the yield on the U.S. 2-year Treasury note fell to 4.04%, while the yield on the 10-year note fell to 4.46% (the yield on the 30-year note stood at 4.96%). The yield on the Greek 10-year bond stood at 3.694%.
The General Index fluctuated between 2,365.5 (+0.54%) and 2,340.55 points (-0.52%). At 5:00 p.m., it stood at 2,344.99 (-0.33%) and closed at a new intraday low of 2,340.49 points, with daily losses of 0.52%.
Turnover stood at 238.7 million, of which 35.2 million related to pre-arranged trades (ALWN, AKTR, BYLOT, SB, PPC, AIA, ADMIE, EYDAP, PIR, TITC, EUROB, EKTER, MOI), with PPC, PIR, EUROB, and ETE accounting for 53% of the total gross trading value.
Of the total turnover of 238.7 million, 215.2 million relates to trades in FTSE 25 shares.
The picture in the large-cap sector
Both the heavy-weighted bank stocks changed direction, with the final picture showing a clear lead for the “sellers” (ALPHA -2.5%, NBG -2.52%, EUROBANK -1.79%, PIR -2.99%, BOCHGR -0.32%, OPTIMA -0.78%).
The banking sector index fluctuated between 2,706.72 (+0.85%) and 2,629.1 points (-2.04%) . At 5:00 p.m., it stood at 2,635.32 (-1.81%), and through the final auctions, it hit new lows at 2,624.01 (-2.23%) and closed at 2,624.45 points, with daily losses of 2.21%.
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 2,423 (simple 200-day moving average) and 2,373 points (exponential 200-day moving average). The next resistance levels are at 2,741, 2,848, and 2,900 points.
The final picture on the non-bank blue-chip board could be described as mixed, with ALWN (+1.59%), TITC (-1.4%), GEKTERNA (+2.10%), EEE (+2.57%), ARAIG (-1.62%), ELPE (-2.28%), ELHA (-2.09%), BELA (-1.04%), and SAR (-2.21%).
ALWN (+1.59%) announced a share buyback program of up to €150 million alongside its first-quarter results. Revenue rose 21% to €1.2 billion, and adjusted EBITDA increased 24% to €443 million. It will pay an interim dividend of €0.20 in the second half of the year and confirms its intention to distribute a total of at least €1 per share. Net profits rose 6% to €169 million, and net debt stands at €5.35 billion. Adjusted earnings per share fell to €0.21 from €0.34.
“We are fully confident in our future growth, cash flow generation, and value creation for shareholders, and today we launched a €150 million share buyback program, underscoring our commitment to shareholder returns as a key element of our capital allocation framework,” said Robert Chvatal, the group’s CEO.
According to an announcement by MOI (+0.76% and closing at new all-time highs), “its subsidiary Motor Oil Renewable Energy (“MORE”) has signed agreements to carry out three transactions, which mark the optimization of MORE’s portfolio management strategy, while also reflecting the significant value of specific assets. Two of the three transactions involve PPC Renewables S.A. (PPCR) as the counterparty. Specifically, MORE agreed to sell to PPCR a portfolio of operational wind farms with a total installed capacity of 107 MW. Additionally, MORE agreed to acquire the remaining 25% of the share capital of OUNAGKI S.A. (a holding company active in the electricity generation sector through special purpose vehicles - SPVs), making the latter a wholly-owned subsidiary of MORE. At the same time, OUNAGKI S.A. agreed to sell to PPCR its 51% stake in the share capital of a total of twelve SPVs that hold a portfolio of projects under development for electricity generation, through the construction of photovoltaic parks with a total nominal capacity of 1,175 MW. UNAGI S.A. retains its 51% stake in the share capital of the remaining three SPVs, which hold a portfolio of energy projects under development with a total nominal capacity of 288 MW. The consideration from the above transactions for MORE will amount to €237 million. This amount will be adjusted in accordance with the customary terms for transactions of this type.”
S&P upgrades OTE (-0.27%) to “A-” with a stable outlook. OTE’s leading position in the Greek telecommunications market remains the key pillar of the rating. S&P expects OTE to maintain low leverage and strong cash flows.
Analysts’ estimates
“1096 is the next near-term target for ELPE, with new highs now in sight. As long as it closes above 10.47, it has an aggressive trend, while currently the daily ‘stop’ is at 9.75 at the close of the day. LAMDA is showing momentum and likely wants to test the 6.33 resistance level. The daily ‘stop’ is currently at 5.95,” according to Fast Finance SA.
“The renewed tensions between the U.S. and Iran and the correction in the technology sector are negatively affecting the appetite for taking on investment risk,”as noted by Eurobank Equities.
“The mood in international markets remains cautious, as investors continue to await more concrete developments on the geopolitical front, while the absence of other significant market catalysts is limiting risk appetite. In this context, we expect the Athens Stock Exchange to follow suit, while trading activity is likely to remain subdued,”according to Beta Sec.
“On the other side of the Atlantic, major stock indices fell on news of low expectations for the third quarter from the management of Broadcom, a company that designs semiconductors for artificial intelligence, among other things. However, the overall market picture shows no significant change at this time. Domestically, Allwyn announced adjusted EBITDA of €443 million for the first quarter of 2026 (including the acquisition of PrizePicks), while it is expected to pay an additional €0.20 per share dividend in the second half of the year,”notes Depolas Investment Services.
“The resurgence of hostilities in the Middle East has resulted, among other things, in the markets ‘turning red.’ The Athens Stock Exchange General Index (ASE General Index) broke through the 2,360-point support level, which now serves as the nearest resistance level. Weak support is found at 2,348 points, with the next, stronger, and critical support level at 2,320 points,”according to Kyklos Securities.
“The last ten trading sessions in our market have driven the General Index from 2,193 points to approach the year’s highs, following the major European markets, just a hair’s breadth from 2,407 points, a level that was also a 16-year high, as Tassos Niavis points out .
The market is showing signs of healthy accumulation, as investors are also proceeding with selective liquidations to lock in profits.
The domestic investment community’s interest is focused primarily on corporate announcements and our market’s economic calendar, which includes significant dividend payouts and general meetings.
At the same time, the first-quarter financial results of major conglomerates, such as GEKTERNA, are providing significant support to market capitalization.
The stalemate on the Middle East crisis front and the conflicting messages from both sides are the main reason European markets are showing nervousness and have not reached new yearly highs, due to fears of inflation and interest rate hikes by the European Central Bank.
In contrast, major U.S. indices are constantly hitting new highs, driven by the technology sector, without paying “much attention” to concerns over international oil prices or the negotiations between the United States and Iran.
The markets are now too big to "die," and these specific regional crises can no longer influence their long-term trend.
In closing, we should note that our market, technically speaking, is in excellent shape, having made the necessary corrections required to continue its very strong long-term upward trend, led primarily by the banking sector, which accounts for 33% of the Athens Stock Exchange’s total market capitalization, as well as the other large-cap stocks in the FTSE25 index,” as noted by Mr. Niavis (certified financial analyst).