The last session of the week was clearly bullish, with the main ATHEX indices trading consistently in positive territory and buyers making their return to the Bank Index more noticeable.
It is worth noting that the banking sector index had come off three consecutive sessions of declines, with cumulative losses of 3.88%.
The buyers’ “comeback” was aided by the initial rebound in European markets and the latest decline in oil prices.
“Negotiations between Washington and Tehran have made little progress, while conflicts in Lebanon, Kuwait, and Bahrain are increasing the risk of a new flare-up in the Middle East and keeping markets on alert,” as reported by Bloomberg.
Returning to the Athens Stock Exchange, it could be argued that today’s session was characterized by selective buying, a noticeable pullback from the day’s highs, and relatively low trading volume.
The views of market professionals are sharply divided.
According to the more conservative analysts, beyond international geopolitical and macroeconomic uncertainties and high energy prices, the domestic stock market appears to have lost momentum; while political risk may not be the primary concern for investors in the short term, it is more than certain that, gradually and over time, it will begin to feature more prominently in the “investment picture,” with all that this may entail. The General Index may be just a hair’s breadth away from its February 2026 highs (2,407.07 points), which were also 198-month highs, but the latest upward surge was driven by a few index-heavy leaders, such as the BIO Group, PPC, and refinery stocks, while GEKTERNA, SAR, and OPTIMA also provided support.
On the other hand, and according to the “incurable longs, ” “there is no substantial change in the trend, but simply a pause to allow buyers to absorb supply in the heavyweight banking sector before a move toward new multi-year highs follows.”
In both views, no assessments are made regarding mid-cap and small-cap stocks; instead, reference is made only to a small number of individual stocks.
Ilias Zacharakis responds to the above scenarios. According to the chairman and CEO of Fast Finance SA,“so far, the market does not appear to be substantially affected by the political landscape. On the contrary, its behavior remains focused on key fundamental factors, such as capital inflows, corporate earnings, and the ongoing flow of business news, which remains intense and relatively stable. This suggests that investor interest continues to be driven more by microeconomic and international data than by domestic political developments. In other words, political risk has not yet translated into a risk premium in valuations or a shift in investor behavior. At the same time, the market appears to be pricing in the actual flow of news and results more than the scenarios of political uncertainty currently circulating. This does not mean that the political element is negligible, but that for the time being it remains a secondary factor relative to net capital flows and corporate performance.”
All of the above, and until there is a deal that changes the landscape, do not appear to dramatically alter the “big picture” of the market. Interest will remain focused on upcoming rights issues and bond offerings, as well as potential IPOs on the Athens Stock Exchange.
Major European markets are trading mixed and well below their morning highs , with active traders trying to price in the new data from the U.S. labor market.
More specifically, the U.S. economy added 172,000 jobs last month, while there was also a sharp upward revision of April’s payrolls to 179,000, from the 115,000 initially reported. The average analyst estimate in a Dow Jones survey had predicted just 80,000 new jobs.
The reaction in bond market yields was immediate . More specifically , the yield on the U.S. 2-year note climbed to 4.15%, and the yield on the corresponding 10-year note to 4.54% (the yield on the 30-year note stood at 5.01%). The yield on the Greek 10-year bond stands at 3.724%.
It should be noted that if government bond yields remain at these levels, or rise even higher, the stock markets will get the “message,” albeit with a time lag, with all that this may entail (!)
According to analysts,“the month that has just begun has a particularly packed agenda: Peace talks on Iran are moving forward, but the markets are showing signs of fatigue in response to the news. The timing and pace of the reopening of the Strait of Hormuz will be crucial for the currency. The U.S. economy remains resilient, while Europe is slowing under the weight of energy costs. The ECB is expected to raise interest rates this month, but this will likely be merely a precautionary move. At the U.S. Federal Reserve, new Chairman Warsh is preparing for his first monetary policy meeting. In the UK, Burnham’s victory in the by-election poses a risk to the pound that has not been adequately priced in. Most of the key central bankers are preparing for a decisive round of monetary policy meetings, with the Fed at the center.”
It is worth noting that central bank meetings are approaching, and it is certain that the decisions and announcements will shape market sentiment and sentiment.
According to the economic calendar, the ECB’s upcoming monetary policy meetings and announcements 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 General Index remained in positive territory throughout the day, climbing to 2,377.11 points (+1.56%). At 5:00 p.m., it stood at 2,358.86 (+0.78%) and closed at 2,355.67 points, with daily gains of 0.65%.
Turnover stood at 239 million, of which 36.7 million related to pre-arranged trades (ALWN, BOCHGR, OPTIMA, AKTR, OTE, PPC, NBG, PIR, ALFA, ADMIE, AIA, EUROB, SAR, LAMDA, BEL, ARAIG), with ETE, DEI, EUROB, and PIR accounting for 50% of the total gross trading value.
Of the total turnover of 239 million, 208.2 million relates to transactions in FTSE25 shares.
Beyond that, today’s session was the last of the week, breaking the two-week winning streak and resulting in weekly losses of 0.72% for the General Index and 2.79% for the Banking Sector Index.
Since the beginning of the year, the General Index has posted gains of 11.08% and the Banking Sector Index gains of 15.72%.
The picture in the large-cap sector
Among the heavyweight banking stocks, EUROB remained firmly in positive territory (+1.64%), while ALPHA (+0.22%) and NBG (+2.69%) avoided the red, while PIR (-0.23%), BOCHGR (+0.26%), and OPTIMA (+0.10%) saw their signs change.
The banking sector index remained firmly in positive territory, reaching a daily high of 2,698.87 points (+2.84%). At 5:00 p.m., it stood at 2,655.64 (+1.19%) and closed at 2,654.39 points, with daily gains of 1.14%.
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 2,425 (simple 200-day moving average) and 2,375 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,“six years after the launch of the ‘Hercules’ plan, the European Commission is issuing the strongest warnings yet regarding the problematic implementation of the plan, emphasizing , among other things, that even last summer’s reforms have not substantially accelerated the forced execution, while the securitizations of “Hercules” will incur new losses due to the Supreme Court’s decision on the calculation of interest on loans restructured under the Katseli law.”
The final picture on the non-banking FTSE 25 index gives a clear advantage to stocks with positive returns, with “red” deviations from BIO (-0.24%) and OTE (-0.17%).
On the “green” side, the biggest gains for DEI (+1.03%) and SAR (+1.2%).
According to an announcement by AIA,“passenger traffic at Athens International Airport during May 2026 reached 3.22 million, remaining 3.7% higher than May 2025 levels, with both domestic and international passenger traffic showing similar growth rates of 3.7%. Overall, during the first five months of 2026, the airport’s passenger traffic reached 12.24 million, exceeding 2025 levels by 5.3%. Specifically, both domestic and international passenger traffic increased, surpassing 2025 levels by 6.0% and 5.0%, respectively. The number of flights during the first five months of 2026 reached 103,430, marking an increase of 4.3% compared to 2025. Both domestic and international flights saw an increase of 4.7% and 4.0%, respectively.”
It could be argued that AIA’s stock (+0.98%) is in a prolonged accumulation phase. For the technical picture to change, the stock would need to break above the €10.32–10.50 range, which is defended by the two 200-day moving averages. Otherwise, the first support level is at €9.80.
Analysts’ estimates
“The international climate remains supportive, while developments in the Middle East, energy price trends, and government bond yields continue to be key factors influencing market volatility and risk appetite. “Despite the short-term correction, the market’s medium-term trend remainspositive,”estimates Kyklos Securities.
“We expect the market to remain in a stabilization phase in the short term, as the absence of significant catalysts is expected to keep investors in a wait-and-see mode. However, selective stock picking and continuous monitoring of first-quarter 2026 results, as well as management forecasts, will help limit potential losses,”according to Beta Sec.
“Geopolitical developments remain a sore spot, as they continue to overshadow market risk appetite. For the GDXA, the key support level is located in the 2280–2270 point range,”reports Depolas Investment Services.
“The week ended with minor losses for the GD, which in recent sessions has been trading within a narrow range between 2,340 and 2,380, very close to its multi-year highs. Overall, despite the uncertainties, the outlook for the market and the Greek economy is positive, as new business deals are announced (e.g., PPC - MOI), the tourism season looks set to be strong again this year (passenger traffic data for May at AIA was encouraging), and energy prices continue to decline. Furthermore, indicative of the positive climate is that new listings of companies on EURONEXT ATHENS are planned in the coming period, according to the latest information. Next week will see several dividend payouts, while the ECB’s interest rate decisions will be announced on Thursday, June 11. Technically, for the General Index, the next resistance levels are at 2,400 points, according to Merit Sec.
“Maintaining recent gains was the main priority for investors on the Athens Stock Exchange last week, according to Manos Hatzidakis.
The slowdown in buying interest may be linked to increased corporate activity and significant rebalancing in the key stock market indices tracking the Greek market.
Changes in the weightings between financial and commercial-industrial companies led to a reallocation of capital and a shift in investor interest.
In the absence of strong domestic catalysts, the market moved in a stabilizing direction, with selective and cyclical interest, without, however, becoming detached from geopolitical developments, which for yet another week maintained a high degree of uncertainty, constantly shifting the balance between positive and negative scenarios.
The completion of first-quarter earnings reports provided a boost, offering investors new data to evaluate and price in. At the same time, signs of a de-escalation in geopolitical tensions and efforts to cease hostilities on the international stage boosted risk appetite toward the end of the week, allowing the market to remain in touch with its multi-year highs.
U.S. stock markets are on track for a positive close to the week, despite the volatility caused by geopolitical developments in the Middle East. Investors took profits in the technology sector following the strong rally of recent months, shifting toward more defensive and cyclical stocks.
This shift benefited the Dow Jones, while the Nasdaq declined, reflecting growing caution regarding the high valuations of major technology companies.
The highlight of the coming week is the debut of SpaceX shares on June 12, following the largest capital raise ever conducted in international markets.
The IPO is expected to attract massive investor interest and serve as a barometer for risk appetite in global markets.
The stock’s performance during its first few trading sessions could have a broader impact on the technology sector and high-growth companies, as it will serve as a significant test of whether investors are willing to continue supporting valuations at historically high levels.
In another key event this week, the European Central Bank is expected to raise the deposit rate to 2.25% at its June 11 meeting. Another rate hike in September is now considered the most likely scenario. This development reflects the difficult dilemma facing the ECB: on the one hand, rising energy prices, due to the war between Iran and Israel, are fueling inflationary pressures, while on the other hand, economic activity in the Eurozone is showing increasingly clear signs of slowing down.
Inflation stood at 3.2% in May, significantly higher than the ECB’s 2% target. Even more concerning is core inflation, which excludes energy and food prices and accelerated to 2.5%, exceeding analysts’ estimates.
This development suggests that the effects of the war are beginning to spread throughout the economy and not just to energy prices.
At the same time, PMI indices and official economic data indicate that growth in the Eurozone is losing momentum. Concerns are mounting as the conflict in the Middle East has now lasted more than three months with no solution in sight, while problems with shipping and the transport of energy products through the Strait of Hormuz continue to weigh on the global energy market.
Technically, the General Index appeared hesitant to immediately approach its February highs of 2,407 points, without, however, moving significantly away from the recent local highs of 2,386 points. The consolidation within a relatively narrow trading range is viewed as a healthy pullback following the strong six-session winning streak that preceded it. Technical indicators continue to point toward a continuation of the uptrend and a renewed approach to this year’s highs, with oscillators now leaving room for movement up to the 2,440-point range. In the short term, the 2,400–2,410-point range serves as the key reference and resistance level for sellers. Conversely, the first significant support zone is located between 2,326 and 2,283 points, where the upward gap from May 25 remains open.
Overall, the recent accumulation has created a bullish “platform” for the market, reinforcing the view that the next move toward new yearly highs is already underway, following Friday’s session.
On the domestic agenda for next week, it is noted that trading in Lamda Development ’s new corporate bond begins on Tuesday, June 9. On the dividend front, the coming week is particularly rich in payouts, with Loulis Mills (€0.18) kicking things off on Monday, June 8. On Tuesday, Karelias (€14.60) and General Commerce (€0.10) follow, while on Wednesday it’s the turn of Mermeren (€1.60), GalaxyMezz (€0.06), National Bank (€0.2914), and Eurobank (€0.071). Finally, on Thursday, Quest Holdings’ dividend ex-date (€0.40) follows.
Among other significant events, Mr. Hatzidakis (Head of the Beta Sec. Analysis Department) notes the Extraordinary General Meeting of ADMIE this coming Thursday, June 11, regarding the “Share Capital Increase with the waiver of rights by existing shareholders,”notes Mr. Hatzidakis (Head of the Beta Sec. Analysis Department).