The first trading session of the new stock market week was clearly bullish, with the main Athens Stock Exchange indices trading consistently in positive territory and the General Index closing at a new 199-month high, with the next highest close having been recorded on November 19, 2009 (2,497.15 points).
Over the three-day winning streak, the General Index recorded cumulative gains of 3.77%, and the DTR, with an equal number of upward sessions, posted gains of 7.12%.
Notable developments in today’s session included a distinct pullback in indices and individual stocks from their morning highs, a trend in which trading volume also played a role.
It is worth noting that during the first half-hour of trading, when the day’s highs were recorded, turnover reached 39.5 million, of which 5.2 million involved “block trades” (OPTIMA, PPC, OTE, MOI, TRASTOR), but trading subsequently slowed down, resulting in a corresponding decline in prices.
Nevertheless, today’s total trading value was the highest in the last 10 sessions.
A view expressed by an analyst from a well-known private brokerage firm is highly indicative of the prevailing sentiment on the Athens Stock Exchange, according to which, “the domestic stock market remains in a ‘bull market’ but only in the segment of the market where foreign portfolios are active, as interest remains low, or even non-existent, below that level, and the performance of most stocks so far leaves little room for optimism regarding a substantial improvement, with more convincing daily leaders.”
Beyond that, the new week began with strong gains and high expectations for the Greek stock market as well, following the relief rally seen in nearly all global markets following the agreement reached between the U.S. and Iran.
It should be noted that the Russell 2000 index closed at a new all-time high on Friday, as did the Nikkei (this morning).
On the Athens Stock Exchange, as today’s session showed, the focus will return to companies related to tourism, as well as energy-intensive industries that benefit from lower energy costs. The decline in energy prices has reignited expectations of lower operating and transportation costs for businesses, at a particularly critical time, as the peak of the tourist season approaches. Temporary pressure is expected on refinery stocks.
Beta Sec’s estimates are along the same lines. According to the Athens Stock Exchange, “the General Index continued its upward trend, supported by the sharp drop in energy prices following the apparent de-escalation of tensions between the United States and Iran and the prospects for a broader peace agreement. Additional support came from Wall Street, where stocks closed Friday’s session in positive territory, creating a favorable climate for risk-taking globally. With geopolitical concerns receding, investors are expected to refocus their attention on corporate fundamentals and earnings prospects.
In this environment, the sectors expected to benefit most in the medium term include airlines, airport operators, and industrials, as lower energy costs improve operating conditions and profitability. On the other hand, refinery stocks may come under pressure following their recent outperformance, as refining margins normalize after the exceptional levels recorded during the period of heightened geopolitical uncertainty. The rapid gains since early May and the short-term overbought condition of the oscillators may slow the trend at the 2460 – 2480 points, justifying a local correction in the coming days. Whether the upward trend exhausts its medium-term momentum will depend on the extent and structure of the correction.”
In the case of airlines, “the war in Iran and the resulting surge in fuel prices are expected to significantly burden the global aviation industry in 2026. The global industry’s net profits are expected to decline to $23 billion in 2026, from $45 billion in 2025. At the same time, the net profit margin is expected to shrink from 4.2% to just 2%,” according to data presented by the International Air Transport Association (IATA) at its annual general meeting, which concluded in Rio de Janeiro.
Furthermore, it is worth noting that the June triple witching is scheduled for June 19, while the first position rollovers have begun on the NYSE.
“The ‘shorts,’ due to the upcoming expiration, are likely to be squeezed and help drive the market’s upward trend,” note more “suspicious” analysts.
On the other hand, the Stoxx index review will include CrediaBank shares in the STOXX Greece, STOXX Developed and Emerging Markets, STOXX Emerging Markets, STOXX Eastern Europe, STOXX Balkan, STOXX All Europe, and STOXX Global Total Market indices. Ellaktor is being removed from the indices. The changes will take effect at the close of trading on Friday, June 19.
Additionally, 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 June 22, 2026, and the rebalancing will take place on June 19, 2026.
Taking the latest developments in chronological order, “the United States and Iran have reached an agreement to end the war and will hold an official signing ceremony on Friday in Switzerland,” said Pakistani Prime Minister Shehbaz Sharif.
Donald Trump confirmed the news of the agreement in a post:
“The agreement with the Islamic Republic of Iran is now complete. Congratulations to everyone! I hereby fully authorize the opening of the Strait of Hormuz without tolls and, at the same time, approve the immediate lifting of the United States naval blockade. Ships of the world, start your engines. Let the oil flow.”
The U.S. President stated that “many ships loaded with oil are beginning to leave the Strait of Hormuz.”
“Tehran added a last-minute clause to the negotiations with the United States providing for the imposition of fees for shipping services in the Strait of Hormuz after 60 days,” reported the Iranian news agency “Fars.”
European Central Bank President Christine Lagarde stated today that “the agreement between the United States and Iran is good news, provided, of course, that it is confirmed by developments in the coming days.”
In the wake of these developments, there was a significant decline in oil prices as well as bond yields, leading to a corresponding “overshooting” in stocks and precious metals.
Returning to the Athens Stock Exchange and according to the Hellenic Capital Market Commission’s report regarding net short positions exceeding 0.5%:
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, Marshall Wace LLP holds a net short position of 0.72087% in MTLN shares, and AKO Capital LLP holds a net short position of 1.31857% in MTLN shares.
Qube Research & Technologies Limited, as of June 11, 2026, reduced its net short position in BYLOT shares from 0.61276% to 0.59863%.
Major European markets are showing mixed signals. Attention will continue to be focused on central bank announcements.
It is worth noting that, according to the economic calendar, the ECB’s next meetings and announcements regarding monetary policy are scheduled for July 23, September 10, October 29, and December 17, 2026.
The Fed’s corresponding meetings are scheduled for June 17 (with attention also focused on the first press conference by the new Fed Chair, Kevin Warsh). The new Fed chair may argue that recent inflationary pressures stem mainly from temporary factors and that the central bank will continue to focus on the long-term trend of inflation easing), July 29, September 16, October 28, and December 9, 2026.
On Wednesday, UK inflation data for May will be released, followed on Thursday by the Bank of England’s June meeting, in addition to the runoff election that will determine whether Andy Burnham can challenge Keir Starmer for the Labour leadership.
Tomorrow is the BoJ meeting.
With a mood of de-escalation, as mentioned above, bond market yields are falling across all issuers. More specifically, the yield on the U.S. 2-year note has fallen to 4.05%, and the yield on the corresponding 10-year note to 4.46% (the yield on the 30-year note stands at 4.96%). The yield on the Greek 10-year note is at 3.62%.
Meanwhile, “Greece has proceeded with the early repayment of €6.9 billion in loans granted under the first bailout program,” according to two sources cited by Reuters.
The move concerns loans provided by European partner countries during the fiscal crisis and was carried out ahead of the scheduled repayment timeline.
The General Index remained firmly in positive territory, reaching a daily high of 2,478.13 points (+2.33%). At 5:00 p.m., it stood at 2,463.47 (+1.73%) and closed at 2,462.63 points, with daily gains of 1.69%.
Turnover stood at 373.3 million, of which 34.3 million related to pre-arranged trades (OPTIMA, REALCONS, SB, PPC, OTE, MOI, TRASTOR, MTLN, KOUAL, EUROB, ADMIE, ALFA, PIR, ETE), with ALFA, PIR, EUROB, and ETE accounting for 51% of the total gross trading value.
Of the total turnover of 373.3 million, 336.4 million relates to trades in FTSE 25 shares.
The picture in the large-cap sector
Among the heavyweight banking stocks, ALPHA (+6.34%), ETE (+2.55%), EUROB (+3.2%), and PIR (+3.23%) remained consistently in positive territory, while BOCHGR (+0.98%) and OPTIMA (0%) switched between positive and negative territory.
The banking sector index remained firmly in positive territory, climbing to 2,845.96 points (+3.55%). At 5:00 p.m., it stood at 2,838.62 (+3.28%) and closed at 2,835.59 points, with daily gains of 3.17%.
The DTR has a daily buy signal, which is negated if the index retreats and closes below 2,638 points. The next support levels are at 2,610, 2,454, 2,437 (simple 200-day moving average), and 2,395 points (exponential 200-day moving average). The next resistance levels are at 2,848 and 2,900 points.
With “green” stocks dominating the non-banking 25-stock index, the only “red” outliers were ALWN (-0.5%), MTLN (-0.05%), LAMDA (-0.6%), MOI (-3.76%), and SAR (-1.7%).
On the winners’ side, the biggest gains were for ARAIG (+4.68%), BIO (+2.72%), ELHA (+4.04%), CENER (+3.47%), and TITC (+2.75%).
According to an announcement by AIA, “the Company has instructed Goldman Sachs Bank Europe SE and Morgan Stanley Europe SE, as joint lead managers, together with AXIA Ventures Group Ltd, BofA Securities Europe SA, Deutsche Bank Aktiengesellschaft, HSBC Continental Europe, JP Morgan SE, and the National Bank of Greece, as Joint Bookrunners, to organize on its behalf a series of meetings with investors in fixed-income securities, which meetings will commence today, for the purpose of a potential offering, pursuant to Regulation S, of senior unsecured fixed-rate bonds with a face value of €500 million and a seven-year maturity, which is expected to follow, subject to market conditions.”
For AIA shares (+0.86%), the next resistance level is at €12.00 and the first support level at €10.48–10.31 (the two 200-day moving averages are converging).
DEI hit an 18-year high (+1.06%).
Analysts’ assessments
“When there is no proper diversification, there are periods when the General Index simply runs without a corresponding increase in portfolios. The DTR, as strange as it may seem, is the most underweighted index by small portfolios as well as some institutional investors,” notes Fast Finance SA.
“Markets have priced in the reduction in geopolitical risk following the reported interim agreement between the U.S. and Iran on the reopening of the Strait of Hormuz,” according to Eurobank Equities.
“The week began with excellent news from the Middle East front, as an agreement between the US and Iran is expected to be signed on Friday in Geneva, leading to the reopening of the Strait of Hormuz. Otherwise, the week includes key macroeconomic data such as May inflation in the Eurozone (final reading) and May retail sales in the US on Wednesday. However, the focus will be on the meetings of the central banks of Japan (tomorrow), the US (Wednesday), Switzerland, and the UK (Thursday). Domestically, ADMIE’s rights offering begins tomorrow, while on Friday quarterly derivatives contracts expire and the FTSE, Russell, and Stoxx index constituent changes are finalized. Geopolitical developments are unleashing buying momentum and may lead the Athens Stock Exchange (ASE) to a sustainable breakout above previous highs, with a potential target in the 2,600-point range,” according to Depolas Investment Services.
“The public offering for ADMIE’s capital increase begins on Tuesday, while on Wednesday the Federal Reserve will decide on its policy interest rates. Finally, on Friday, a rebalancing will take place due to the restructuring of the STOXX and FTSE Russell indices, and June futures contracts will expire (triple witching). The easing of geopolitical tensions and the decline in energy prices are improving the international investment climate. The resilience of the Greek market and continued capital inflows continue to support the trend, although the overbought short-term picture may lead to selective profit-taking. The technical picture remains strongly bullish, with the RSI at 67 points approaching the overbought zone. A break above 2,445–2,460 points could pave the way toward 2,500 and 2,650 points, while support levels are found at 2,400 and 2,360 points,” according to Kyklos Securities.
“The Greek market’s outperformance is also evident relative to the rest of Europe, as Greece is among the first markets to hit new yearly highs. It is worth noting that the General Index’s new highs are being achieved without the banking sector recording corresponding new highs, as pointed out by Ilias Zacharakis.
OTE, PPC, and GEKTERNA are in the spotlight, hitting new highs, while support came from both the underperforming ALWN and EEE.
The impending agreement between the U.S. and Iran appears to be nearing completion, with markets having already priced in the event.
Meanwhile, oil is now hovering around $80, a reminder that on the first day of the war it had risen above $115.
The ECB proceeded with the expected 0.25% interest rate hike. On the other hand, it remains to be seen when meaningful growth will return to the rest of Europe, as the ECB is currently focused on tackling inflation.
SpaceX made its debut on U.S. markets, with valuations that seem unrealistic and demand remaining particularly strong.
On the domestic front, we have the delisting of Sarantis and Ellaktor, with the latter facing pressure, while Credia’s inclusion in the indices is expected to boost investor interest.
The much-discussed ADMIE rights offering (June 16–18) will also be completed this week.
“The main target for this year remains the 2,650–2,800-point range for the Athens Stock Exchange,” notes Mr. Zacharakis (Chairman and CEO of Fast Finance SA).