Oil prices jump again as share prices continue to plunge.
Brent was at $114.3 earlier, France’s 10-year yield was 5.0520%, the CAC 40 stood at 7,762 (-0.68%), the DAX at 25,191 (-0.74%) and the General Index at 2,531 (-2.19%) on Euronext Athens.
While the trend taking shape in the banking sector on major European markets points in a different direction, the correction on the Greek stock market has taken on the dimensions of a mini-sell-off. How else can losses of as much as 4% for the banking index be described, when EuroStoxx Banks is down just 0.8%? The banking index fell to 2,823 points, compared with a decline to 274 points for EuroStoxx Banks.
The banking index is now down 5.65%, compared with 1.25% for EuroStoxx Banks.
Brokers say managers at foreign firms are reducing their positions, attributing this, on the one hand, to domestic stocks’ outperformance of their European peers and, on the other, to details coming to light that could weigh on banks’ balance sheets over time. An additional factor is the rise in new non-performing loans, which may be a symptom or consequence of conditions in the domestic market.
As we noted in our previous comments, for a manager who bought in at prices up to 30% lower, taking some profits on paper gains is entirely normal.
Piraeus shares stood at 9.172, down 6.23% for the week but up 30% in 2026. Alpha Bank shares were at €4.115, National Bank at €15.37 and Eurobank at €4.207. With 31.4 million shares traded out of a total of 37.3 million across bank stocks, this is a clear sign of a mini-sell-off, with systemic bank stocks in sellers’ sights.
With the banking index nearly 8% lower in October, some brokers describe the move as a “wipeout” following the upgrade and rebalancing, suggesting that lower valuations are creating more attractive re-entry points ahead of November and December.
This view is based on the historical pattern of the November-December period, but under current conditions it remains to be seen whether it will be borne out in the coming weeks.
Turnover stood at €270 million, including €34.3 million in pre-agreed trades.
Declines were almost universal among FTSE 25 and FTSE Mid Cap stocks, with just two large-cap stocks higher (Motor Oil at €68.25 and AIA at €12.86), and three mid-caps (ADMIE at €4.245, Quest at €7.27 and Sarantis at €10.90). That means just two and three stocks, respectively, out of a total of 25 and 20 — an indication of the mood prevailing earlier, at 15:15.