Today’s session on the Athens Stock Exchange was purely corrective, with the ATHEX’s main indices trading consistently in negative territory, while the picture would have been significantly worse had EEE shares (+1.71%) not remained consistently in positive territory.
It should be noted that just yesterday the General Index reached a new 199-month high, with the previous closing high recorded on November 18, 2009 (2,528.95 points), and the banking sector index reached a 127-month high, with the next-highest closing level recorded on November 16, 2015 (3,073.8 points).
Other highlights of today’s session included the relatively low net trading value and the trading of 11 “blocks” of CENER shares, totaling 6.3 million shares. It should be noted that BIO sold 6.3 million shares at 24.20 euros, and the offering was oversubscribed 6 times within 3 hours.
CENER’s stock (-7.79%) quickly approached the placement price but closed marginally lower, accounting for 36.6% of the total gross trading value. BIO (-2.29%) raised 152.5 million euros from the sale of 6.3 million shares of its subsidiary.
Beyond that, active investors’ attention is expected to shift, at least in the short term, to international markets.
According to analysts, “traders will shift some of their focus away from negotiations regarding peace in the Middle East and place greater emphasis on news concerning the inflationary consequences of the three-month conflict and the extent to which these will continue to affect the global economy, forcing central banks to further tighten monetary policy and leaving artificial intelligence companies more vulnerable in a high-interest-rate environment.”
According to them, “the mood is weighed down by growing expectations that the Federal Reserve, under the new leadership of Kevin Warsh, may take a more aggressive stance in tackling inflation, with markets now pricing in a significantly higher probability of interest rate hikes by the end of the year (Fed funds futures now price in a 75% probability of a rate hike by September, while also pricing in a 54% probability of at least two rate hikes, of 25 basis points each, by the end of the year).”
At the same time, markets continue to price in another 25-basis-point interest rate hike by the European Central Bank later this year, according to LSEG data, despite the fact that ECB President Christine Lagarde, downplayed the likelihood of second-round inflationary effects.
Given these developments, last night’s 1.32% decline in the Nasdaq was followed this morning by drops in the Nikkei (-3.46%) and Kospi (-9.99%).
“At the Fed’s recent meeting, there was a broad shift among members of the Monetary Policy Committee toward a more restrictive policy in the future, resulting in the futures markets pricing in an increase in policy rates by the end of 2026. Overall, we believe that regarding the monetary policy currently being formulated, the new chair was not as hawkish as the markets are currently interpreting—and pricing in— and furthermore, the scenario described by the Fed in its brief statement corresponds to an inflationary picture rather than one of stagflation,” as noted by HellasFin S.A.
Returning to the Athens Stock Exchange, with the first return of caution, conservative scenarios regarding the market’s short-term trajectory have also resurfaced. According to an analyst representing the cautious school of thought, “among large-cap stocks, which continue to account for the ‘lion’s share’ of trading volume and investor interest, most current valuations are considered particularly ‘stretched’ and the discussion in brokerage offices is no longer about which index-weighted stock is still ‘cheap’ or has been left far behind, but rather about which company might surprise with its earnings for the current fiscal year and beyond.
This is an opportune time for profit-taking and maintaining high liquidity, as valuations—with very few exceptions—are “demanding,” and developments regarding rights offerings, following the PPC case, require heightened attention. In the case of the index-heavy banking sector, even if the “gap” with European banks has closed—as the most likely scenario—the trend appears to be one of accumulation. A positive surprise, with a new high, could materialize if the domestic market rushes to price in the strong banking results for the first half of the year.”
There were very few mid- and small-cap stocks worthy of positive mention, with the result that, at the day’s early lows, the number of declining stocks was more than three times that of advancing stocks—a ratio that subsequently improved.
Meanwhile, from Wednesday, June 24, through Friday, June 26, 2026, investors can participate in the public offering of Attica Stores. The company is listing on the Regulated Market of Euronext Athens, with its sole shareholder, “Kymora Limited,” offering up to 17.1 million shares with a par value of 0.41 euros each. The offering price will range between €3.00 and €3.20 per share. Retail investors may subscribe at the upper end of the range, i.e., €3.20, and the final price will be announced on Monday, June 29. If the final price is lower, the difference will be refunded.
On the other hand, 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, AKO Capital LLP holds a net short position of 1.31857% in MTLN shares, Marshall Wace LLP, with a net short position of 0.69301% in MTLN shares, and Qube Research & Technologies Limited, with a net short position of 0.61894% in BYLOT shares.
Additionally, Qube Research & Technologies Limited, as of June 22, increased its net short position to 0.62535% from 0.53538% in ADMIE shares.
Major European markets are showing mixed trends and have moved away from their initial lows, with most traders awaiting today’s opening on Wall Street.
It should be noted that the small-cap index, the Russell 2000, closed last night’s trading at new all-time highs.
Sentiment in the bond market is mixed. The yield on the U.S. 2-year Treasury note fell to 4.19%, while the yield on the 10-year note rose to 4.49% (the 30-year yield stood at 4.95%). The yield on the Greek 10-year bond fell to 3.587%.
The General Index remained in negative territory throughout the day, falling as low as 2,471.32 points (-1.19%). At 5:00 p.m., it stood at 2,483.34 (-0.71%) and closed at 2,472.77 points, with daily losses of 1.13%.
Trading volume stood at 482 million, of which 251.5 million related to pre-arranged trades (BOCHGR, ALVN, AKTR, REALCONS, CENER, OPTIMA, OTOEL, DEI, EUROB, KUES, BIO, PRONTEA, GEKTERNA, ETE, EDMIE, PIR, BRIC), with CENER and DEI accounting for 53% of the total gross trading value.
Of the total turnover of 482 million, 455.4 million relate to trades in FTSE 25 stocks.
The picture in the large-cap sector
Among the heavyweight banking stocks, ETE (-1.27%), BOCHGR (-1.9%), and OPTIMA (-2.82%) failed to move into positive territory, while ALPHA (-2.7%), EUROB (-2.42%), PIR (-2.7%), and CREDIA (-2.44%) remained firmly in the red.
The banking sector index remained in negative territory throughout the day, hitting an intraday low of 2,825.76 points (-2.08%). At 5:00 p.m., it stood at 2,844.09 (-1.45%) and closed at a new low of 2,822.97 points, with daily losses of 2.18%.
The DTR issued a daily buy signal, which is negated by a pullback and a close below 2,638 points. The next support levels are at 2,610, 2,454 (simple 200-day moving average), and 2,422 points (exponential 200-day moving average). The next resistance level is at 2,950 points.
On the non-banking 25-stock index, AKTR (+3.05%), ALWN (+0.7%), MTLN (+0.52%), and EEE (+1.71%) closed in positive territory.
AKTR hit a new 273-month high amid rumors of significant business news, as well as an announcement regarding a rights offering or bond issuance.
According to an announcement by AKTR, “the company notes that it is systematically seeking and evaluating the best ways to implement its investment plan, as well as potential investment opportunities that could contribute to strengthening its business plan and achieving its corporate objectives. However, at this time, there is no final decision or binding agreement that needs to be disclosed to the investing public.”
On the “red” side, the biggest losses were seen in BIO (-2.29%), ELPE (-3.37%), ELHA (-2.1%), CENER (-7.79%), and TITC (-2.23%).
Today, 403,264 new (KΟ) shares of MTLN were listed for trading, resulting from the recent capital increase due to the issuance of new bonus shares—stock awards—to 73 company executives. The company’s total number of listed shares now stands at 143,426,244.
MTLN (+0.52%) announced the launch of a new share buyback program with a total value of up to 600 million euros. The program began on June 23, 2026, and is expected to run through June 2031, subject to the renewal of the relevant approvals by the shareholders’ general meetings. It will be implemented gradually in separate phases, and the company has entered into independent agreements with Citigroup and Piraeus Securities, which will purchase shares on the London Stock Exchange and Euronext Athens, respectively.
As for EEE (+1.71%), which once again acted as the index’s “guardian” today, the next resistance level is at 55.75 euros, and support levels are at 52.00, 50.3, and 47.3 euros (200-day exponential moving average).
Analysts’ assessments
“It would be good to hold the 2,470 level on the GDX. If it’s lost, we’re headed for a more serious move—a correction toward 2,450. The DTR must hold the 2,820 level if it wants to test a move toward 2,960. It appears that the sector is facing short-term sell-offs. “Remember that a strong downtrend or uptrend exceeds the expectations of even the most optimistic or pessimistic investors,” notes Fast Finance S.A.
“In the U.S., the technology sector suffered further losses, as valuations related to artificial intelligence are certainly on the high side. It appears that the pressures in the technology sector are spilling over into European markets,” according to Depolas Investment Services.
“Profit-taking in the technology sector is affecting market sentiment, while investors remain cautious regarding the fragile geopolitical situation and the uncertain signs of progress in negotiations between the U.S. and Iran,” according to Eurobank Equities.
“On the domestic front, although profit-taking cannot be ruled out following the market’s recent strong performance, we believe that a rotation toward large-cap companies in the financial and industrial sectors could help the market remain near its recent highs. Investors’ continued interest in banks, select industrial companies, and companies with strong earnings momentum is expected to provide support, while the healthy pipeline of primary market issuances and stable liquidity conditions remain additional positive factors for Greek stocks,” as noted by Beta Sec.
“The talks in Switzerland between the U.S. and Iran have established a 60-day roadmap, which is likely to lead to peace in the long-suffering Middle East. The markets have embraced this scenario; they had already shown remarkable resilience in recent times and are now anticipating the receding threat of inflation and the revitalization of the global economy, as the price of oil —a bellwether for the markets—is trading below $80 per barrel, as Dimitris Tzanas notes.
On the other hand, the new Federal Reserve Chair, Kevin Warsh, did not change policy interest rates during the first meeting he presided over, but left open the possibility of doing so at a future meeting. He is adopting a different strategy by eliminating the market guidance that had previously signaled potential future decisions.
In other words, it is choosing to retain the ability to surprise the markets if it deems it appropriate—a choice that could cause “turbulence” if it is perceived as not being dictated by current economic data but rather influenced by other factors!
In light of the above, euphoria soon gave way to nervousness, as, on the one hand, geopolitical risks persist and, on the other, there is no sign of governments’ willingness to rein in fiscal deficits, ultimately forcing monetary authorities to tighten their policies.
The Athens Stock Exchange has traded with a greater degree of autonomy in recent days, resulting in consecutive 16.5-year highs (since November 2009) and the General Index surpassing 2,500 points, levels it is now being called upon to defend in the face of a technology-driven “sell-off.”
This is the result of increased inflows of international capital choosing to invest in equities, with plans to implement a major investment program that is expected to lead to an expansion of their scale, their revenue and profitability—and consequently, their cash distributions.
DEI and ADMIE, which are implementing investment programs worth €24 billion and €8 billion, respectively, through 2030, and have carried out capital increases that were heavily oversubscribed by international capital.
And now, ELVALHALCOR and Cenergy—the former proceeding with a rights offering and the latter with a private placement—both have major investment programs and promising prospects given their size, with sales in dozens of countries for both companies.
The message is the same in all cases: a credible and compelling “growth story” captivates major international investors, who rush to buy shares in these companies, thereby offering a “vote of confidence” in Euronext Athens and the prospect of its upgrade to a developed market.
At the same time, the stabilization in the Middle East is creating the conditions for inflation to ease and for GDP to improve, particularly if tourism revenues improve significantly during the summer months (up 36.9% already in the first four months, including two months of war).
“The Bank of Greece estimates that GDP growth of around 2% is possible this year, in light of the new data, provided there are no further geopolitical upheavals in our region,” as noted by Mr. Tzanas (Management Consultant, Kyklos Securities).