A session in which, during the first part of trading, sign changes were abundant, the one held today on the Greek Stock Exchange as, due to tomorrow's expiry of the stock market nine-month period, the final portfolio restructurings prevailed, as well as mild profit-taking moves on significant short-term gains.
Thus, with the General Index remaining above the psychological threshold of 2700 points, although intraday it also tested somewhat lower levels, and the Banking sector index at new 130-month highs, with the immediately higher close having been recorded on 11/11/2015 (3396.6 points), the Domestic Market gave the impression of searching for the next catalyst, which could provide the trigger for a move toward higher valuations.
After 12:30, potential buyers, with more aggressive placements, showed that the shares of the Systemic Banks remain the first choice for foreign portfolios, while some activity was recorded in shares of lower-capitalization Companies, which positively surprised with the first-half results they announced, with the continuity and consistency of the move on the domestic stock market board always being the issue.
According to analysts at Private Brokerage Firms, “the publication of surprise financial results by mid- and small-cap Companies once again highlights the large number of cheap shares in the category, but the issue is whether there is willingness to engage with them from a significant number of portfolios and, of course, interested major shareholders”.
In the upward movement of the General Index, always with the familiar, alternating daily protagonists, help was provided by “short covering” moves, with a large part of the board remaining in the role of spectator, as well as by the slight easing of Oil prices and yields in the bond Market.
From that point on, “the Banks ‘hold the wheel’, but the rest of the Market is waiting for the moment when liquidity will begin to spread, as noted by Ilias Zacharakis.
There are periods in the Stock Exchange that make you wonder whether you are ultimately doing something wrong.
The General Index is at 17-year highs, the Banks continue to attract the largest part of liquidity and interest, but when you look a little more closely at the board, you find that a large part of the Market has not followed.
The Market is going through a phase of intense concentration of liquidity. And we have seen such phases many times in the past.
The big question, therefore, is not whether the Banks will continue to have the upper hand. The question is when the spread of liquidity to the rest of the Market will begin.
Here lies an important detail. The spread of liquidity does not necessarily require a correction in the Banks. It can happen while the Banks continue to have a strong picture, but part of the new capital, or of the profits that have been created, begins to seek new “opportunities”.
And then the “rotation” begins. From the Banks to the other large, medium and smaller stocks.
The problem is that no one knows when. That is also the difficult point.
We may still see “false breakouts” in stocks that will give the impression that the spread is beginning, without it ultimately being confirmed.
That is why we do not need to predict the “rotation”. We need to recognize it when it starts.
Stocks that for months were not showing any particular movement may begin to see trading. Shares that were considered “forgotten” may begin to show buyers. And suddenly the Market may acquire much greater breadth. And especially if the upward breakouts are accompanied by real volumes.
Because a Market can rise with a few stocks. But for a truly broad upward move to occur, at some point more participants need to start taking part.
That is why we need to distinguish the Companies that have lagged because the Market has not yet dealt with them, from those that have lagged because there is a real problem in the fundamentals, or in their prospects. That is where the essence of selection lies.
The board will show us the answer
Because the issue is not simply for the General Index to continue rising. The issue is for the rise to begin to gain breadth.
The Market may remain for some time yet a story of a few protagonists. At some point, however, the imbalance will be restored.
Because the next interesting phase of the Market may not be the one that the same protagonists will lead again. It may be the one in which, finally, the rest will also begin to participate”, emphasizes Mr. Zacharakis (chairman and chief executive officer of Fast Finance AEPEY).
It is recalled that tomorrow marks the completion of the period for the publication of corporate results.
According to the scheduled announcements of first-half results, today the following announce figures: INTKA, CNLCAP, REALCONS, MEVA, ELIN, DAIOS, INTET, AAAK, GKMEZZ, SANMEZZ, FVMEZZ, SPEIS, BPTK, ATEK, ONYX, REVOIL, EKTER, IATR. Tomorrow the following publish results: MOUZK, SARAN, MONTA, OLYMP, IKTIN, VOSYS, AVE, MENTI, ELVE, YKNOT, PRONTEA, DOMIK, XYLK, ATTICA.
“Attention should be focused on changes in the balance sheet, working capital, non-recurring profits and provisions, and not only on the increase in EBITDA. Portfolio rebalancing, ahead of the end of the third quarter, may keep turnover at above-average levels, especially in Banks and in Companies that were recently added to indices”, as noted by the master of the genre, Manos Hatzidakis (Beta Sec.).
Meanwhile, according to the statement of the Hellenic Capital Market Commission and regarding net short positions exceeding 0.5%:
AKO Capital LLP remains with a net short position of 1.31857% in the share of MTLN, Qube Research & Technologies Limited with a net short position of 0.89941% in the share of BYLOT, with a net short position of 0.89324% in the share of ADMIE and with a net short position of 0.54973% in the share of CREDIA.
As of 28/9/2026, Qube Research & Technologies Limited opened a net short position of 0.50267% in the share of AKTR.
With mixed trends and far from the day's highs, the major European Markets, with active investors focusing their attention on Oil, the macro data being announced and the Government bond Market.
More specifically, the yield on the US 2-year note remains at 4.92%, at 5.22% for the 10-year. The yield on the 30-year is at 5.55%. The yield on the Greek 10-year note is at 4.431%.
According to analysts, “the rise in Government bond yields increases the discount rate applied to shares and the borrowing cost for Governments and Businesses, exerting particular pressure on shares and especially on Technology stocks, as indications of a slowdown in the growth of Artificial Intelligence intensify concerns about the enormous scale of investments being made in the sector”.
“High debt levels, high interest rates, increased bond yields and increased borrowing costs constitute the new normal, which is not expected to change over at least the next two years,” points out S&P, warning of a much more difficult 2027
Given the above data, it follows that all market eyes are turned to the next announcements by the Central Banks.
It is recalled that according to the economic calendar, the next meetings - announcements of the ECB are scheduled for 29/10 and 17/12/2026.
The corresponding ones of the Fed are scheduled for 28/10 and 9/12/2026.
The next scheduled monetary policy meetings of the BoJ are for 30/10 and 18/12 and of the BoE for 5/11 and 17/12.
The General Index moved between 2694.65 (-0.49%) and 2725.35 points (+0.65%). At 17:00 it stood at 2708.67 (+0.03%) and completed trading at 2709.91 points, with daily gains of 0.08%.
Turnover, the highest of the last 7 sessions, at 468.9 million, of which 81.9 million concerns pre-agreed transactions (BOCHGR, CREDIA, ALWN, AKTR, BYLOT, ΠΕΙΡ, PPC, ΑΛΦΑ, ΜΠΕΛΑ, ΕΤΕ, ΕΥΡΩΒ, ΑΔΜΗΕ, ΟΤΕ), with EUROB, ETE and PEIR accounting for 53% of the total gross trading value.
In EUROB, 22.8% of the gross trading value.
Of the total turnover of 468.9 million, 443.5 million concerns transactions in FTSE25 shares.