Today’s session began with limited losses, with the General Index falling to just below 2,468 points, but buyers stepped in immediately, and the index turned positive, a trend it maintained until the final trades.
At that point, potential sellers proved more active, pushing the banking sector index to new intraday lows and causing the General Index to close with marginal losses.
As for the other highlights of today’s session, lower trading volume, the continued activity of a few buyers in the large-cap segment, and even fewer transactions in mid- and small-cap stocks—which have stood out from the “pack” as they trade at multi-year or even all-time highs.
It should be noted that today’s attempt at a rebound on the Athens Stock Exchange took place amid a cautious mood regarding the mixed performance of major European markets, with the German DAX posting losses of more than one percentage point following a Financial Times report stating that “Germany is considering abandoning one of the largest naval equipment programs of recent decades, worth 9 billion euros.”
On the other hand, U.S. President Donald Trump stated that “Iran had informed him that there would be no tolls, insurance costs, or any kind of fees for ships wishing to pass through the Strait of Hormuz.”
Most analysts remain cautious, noting that “on the one hand, oil prices continue to decline, which is considered positive for the stock markets, but on the other hand, concerns about the valuations of major technology companies appear to persist, and it remains to be seen where prices will find equilibrium, as they come under pressure amid expectations of higher interest rates from central banks.”
Returning to the Athens Stock Exchange, today’s session confirmed the cautious view that “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 capital increases, 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—accumulation appears to be the prevailing trend. A positive surprise, with a new high being recorded, may come if the domestic market rushes to price in the strong banking results for the first half of the year, or from a deal that could lift the sector’s stocks higher due to their relative valuations.”
Staying on the topic of deals, “DECA Investments AEDOE,” the exclusive manager of “Diorama Investments II RAIF, S.C.A., announces that it has completed the sixth investment of Diorama II, acquiring 40% of the existing share capital in Dotsoft (0%). The company’s majority shareholder and CEO, Mr. Manos Anastasios, will retain a significant stake and will continue to manage the company.”
It should be noted that the announcement does not specify which shareholders sold their positions, nor the price at which the deal was concluded; however, in any case, developments are being watched with particular interest. There appears to be no obligation to submit a tender offer.
Meanwhile, from today through Friday, June 26, 2026, investors may 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, while up to 900,000 shares will be offered through a parallel offering to a limited group of individuals. The offering price will range between €3.00 and €3.20 per share. Retail investors may subscribe at the upper end of the price 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. Trading of the new shares will begin on Thursday, July 2, 2026.
Meanwhile, 130,864,197 new (K.O.) shares of ADMIE (0%) were listed for trading today, resulting from a capital increase through a private placement. The company’s total number of listed shares now stands at 362,864,197.
On a more “routine” note, 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, AKO Capital LLP holds a net short position of 1.31857% in MTLN shares, Qube Research & Technologies Limited, with a net short position of 0.61894% in BYLOT shares and a net short position of 0.62535% in ADMIE shares.
Marshall Wace LLP, as of June 23, 2026, increased its net short position in MTLN shares from 0.69301% to 0.71013%.
With mixed signals and a cautious outlook, the major European markets are monitoring the renewed decline in oil prices, the easing of yields in the bond market, and the euro’s latest slide against the dollar.
The yield on the U.S. 2-year Treasury note has fallen to 4.16%, while the yield on the corresponding 10-year note stands at 4.43% (the yield on the 30-year note is at 4.88%). The yield on the Greek 10-year bond has fallen to 3.557%.
Staying with government bonds, the Hellenic Public Debt Management Agency (ODDH) has released the Greek government’s bond issuance schedule for the second half of 2026. According to the plan, the Agency’s schedule includes three bond reissues, which will take place, in order, on July 15, September 16, and October 14.
Meanwhile, the Public Debt Management Agency raised 400 million euros through today’s auction of 26-week treasury bills, with the yield settling at 2.24%. The yield rose slightly compared to the previous auction, where it had stood at 2.21%. Total bids submitted amounted to 1,078 million euros, exceeding the amount sought by a factor of 2.7.
The General Index fluctuated between 2,468.3 (-0.18%) and 2,494.74 points (+0.89%). At 5:00 p.m., it stood at 2,484.29 (+0.47%) and closed at 2,470.95 points, with daily losses of 0.07%.
Trading volume stood at 277.4 million, of which 33.9 million were pre-arranged trades (OPTIMA, CENER, AKTR, PPC, GEKTERNA, ALMY, ADMIE, ETE, EUROB, SAR, OTE), with DEI, EUROB, and ETE accounting for 40% of the total gross trading value.
Of the total turnover of 277.4 million, 237.5 million relate to trades in FTSE 25 stocks.