The week’s final session was firmly lower, with the main indices of the Greek stock market remaining in negative territory throughout. By the close, both the General Index and the banking index were at three-month lows (the last lower close for the General Index was on 28 July, at 2,521.18 points, and for the Banking Index on 23 July, at 2,784.92 points).
For a second consecutive session, the Athens Exchange showed a tendency to underperform on the downside compared with the main European markets. At the session low, not a single large-cap stock was spared a fall, even by ending unchanged, while declining shares outnumbered risers four to one.
One worrying factor was that today’s “mini sell-off” was accompanied by a clear increase in turnover, even with help from block trades.
Among the pre-agreed trades, the standout was EUROB (59,536,119 shares at €4.148, worth €246.956 million, meaning EUROB accounted for 41.3% of total gross trading value). According to market sources, the Eurobank block trade concerned a “switch” by Fairfax.
There was also a block trade in KAIROMEZZ (106,975,519 shares, or 34.6% of the listed company, at €0.2875, worth €30.755 million). Fairfax is known to hold a position in the stock.
All this as Brent tested prices above $116 a barrel, while the latest reports said that “the US is preparing for a prolonged conflict with Iran”.
If these negative factors persist, it would be a major surprise if the General Index failed to close the gap at 2,518–2,499 points, and then we will see.
According to a veteran analyst, “the combination of a fresh rise in Brent, further widening of the spread on French bonds and mixed corporate results is increasing pressure on European bank stocks, and this time domestic bank shares do not appear to be an exception”.
The negative mood was compounded by news that GEK TERNA’s eurobond issue has been delayed, as well as expected management changes at LAMDA (-0.51%). According to reports, Evi Kostaki, an executive at Swiss bank Julius Baer, is to succeed Odysseas Athanasiou as chief executive of Lamda Development.
As for GEK TERNA, the group announced traffic figures for its main operational motorways for the first nine months of 2026. Average daily traffic on the Attiki Odos motorway rose 2.5% year on year, compared with the same period a year earlier, with average daily passages reaching about 291,002. Average daily traffic on the Egnatia Odos motorway rose 1.3% year on year, compared with the same period a year earlier, with average daily passages reaching about 254,880. On the Nea Odos and Kentriki Odos motorways, average daily traffic in the first nine months of 2026 fell 1.3% and rose 5.6% year on year, respectively, with average daily passages reaching 128,879 and 48,940. Traffic in January on the Egnatia Odos, Nea Odos and Kentriki Odos motorways was directly affected by farmers’ protests, which have now ended. Traffic on the Egnatia Odos motorway was also affected by rehabilitation works being carried out under the concession agreement.
On the other hand, “bond-market volatility and strong third-quarter traffic figures from GEK TERNA’s operating motorways make the infrastructure group’s shares an investment opportunity. GEK TERNA’s decision not to proceed with a eurobond issue—a move for which it has a 12-month window—should be seen as a sign of strength and as a way of protecting its shareholders. This is because the group has ‘ample’ liquidity at parent-company level and therefore has no need to issue a bond. The market’s reaction today is consequently unfounded and represents a buying opportunity,” Santander said in a research note. On this basis, the bank set a price target of €62.
The news helped GEK TERNA shares recover from an intraday low of €36.00 (-7.6%); they ended down 1.18%, at a fresh 6½-month low.
A fresh rise in Brent prices brought buyers back to refinery stocks (ELPE +1.37%, MOH +1.93%).
The election period for ALWN (-3.13%) shareholders begins today, giving them a choice on the interim dividend between cash and shares. Brazil’s second round of elections takes place on Sunday.
Meanwhile, Norges Bank Investment Management (NBIM), which manages Norway’s sovereign wealth fund, worth $2.3 trillion, said its book return for the third quarter was negative by 278 billion Norwegian kroner ($29.7 billion). About 70% of NBIM’s fixed-income portfolio was invested in government bonds, with the rest in corporate debt. Brokerage sources say the fund began selling Greek shares too several weeks ago.
Based on the latest half-year figures, it had exposure to 33 Greek shares, and its holdings in small and mid-cap stocks appear more vulnerable to partial liquidation. Its largest positions were in banks. Among smaller stocks, the fund held positions in, among others, MOTO, FRLK, DIMAND, TRESTATES, QLCO and PROF.
At this stage, international market sentiment is clearly in the driving seat, while more optimistic investors continue to believe that the expected nine-month bank results could provide some “buffer” against “imported” pressure.
It is worth noting that nine-month results are due in the following order: EUROB on 29/10/2026, PEIR on 30/10/2026, ALPHA on 30/10/2026, ETE on 5/11/2026, BOCHGR on 5/11/2026, OPTIMA on 11/11/2026 and CREDIA on 12/11/2026.
Bond-market yields are also being closely watched, with the French 10-year yield remaining above 5%.
Moody’s verdict on France’s credit rating is expected today.
Standard & Poor’s is also due to review Greece’s sovereign rating this evening, followed by Fitch Ratings on 6 November 2026, completing the annual cycle.
The upcoming public offering that will bring METKA back to the Athens Exchange is also on the radar.
The “Euronext Athens Small Cap Conference 2026” will take place on 2 November 2026 at the Divani Caravel Hotel. According to the invitation from Euronext Athens, participating companies are Alpha Trust Andromeda, AS Company, Biokarpet, Daios, Elton, EIS, Lanakam, Quality & Reliability, Revoil, Softweb, Trek Development, Unibios, Verallis and Y/KNOT Invest.
The event then moves to London on 30 November and 1 December for the Morgan Stanley & Euronext Athens Greek Investment Conference 2026.
“Heavy pressure on banks, the main indices’ return below their 60-day moving averages and increased trading activity continue to weigh on the short-term technical picture on the Athens Exchange. Fiscal concerns in France and volatility in bond markets are keeping investors cautious, particularly ahead of Moody’s scheduled review of the country today. The agency maintains its rating at ‘Aa3’ with a negative outlook. Meanwhile, rising oil prices amid geopolitical tensions in the Middle East are adding to concerns about inflationary pressures and the outlook for monetary policy,” Kyklos Securities said.
“Shares are facing increased pressure in international markets, with the Athens Stock Exchange General Index approaching its previous lows. By contrast, government bond yields fell over the past week, as it is clear that markets moved to reduce their exposure to risk. Technology remains the main negative performer, at least until the results from Microsoft, Amazon and Google are assessed next week. In Greece, the likelihood of lower levels being reached remains high, with the most important medium-term support in the 2,440–2,410-point range,” Depolas Investment Services said.
Bond yields were mixed.
More specifically, the yield on the US two-year Treasury fell to 4.68%, while the 10-year yield stood at 4.98%. The 30-year yield was 5.29%. The Greek 10-year yield was 4.429%, while the equivalent French yield was 5.07%, a fresh 24-year high.
It is worth noting that the yield on the US 10-year Treasury recorded its biggest one-day fall yesterday since the banking crisis of March 2023, as outflows from technology stocks and high bond yields prompted heavy buying of government debt.
Just yesterday, among other things, this column noted that “US government bonds are attracting significant buying interest from yield-seeking investors because of their high yields”.
Staying with government securities, the Greek state will hold an auction of €400 million in dematerialised 13-week Treasury bills, maturing on 29 January 2027, on Tuesday 27 October 2026.
“The European Central Bank will raise interest rates for the last time in December, after holding them next week,” economists said in a Bloomberg survey.
According to the financial calendar, the next ECB meetings and announcements are scheduled for 29/10 and 17/12/2026.
The corresponding Fed dates are 28/10 and 9/12/2026.
The next scheduled monetary policy meetings are on 30/10 and 18/12 for the BoJ, and 5/11 and 17/12 for the BoE.
The Fed has now entered its blackout period ahead of the October meeting.
The General Index remained in negative territory throughout, falling as low as 2,513.95 points (-2.86%). At 17:00 it stood at 2,536.46 (-1.99%) and ended the session at 2,530.46 points, down 2.22% on the day.
Turnover was the highest in the past 25 sessions, with the next-highest recorded on 18/9, at €4.262 billion. It came to €761.9 million, of which €335.1 million was in pre-agreed trades (CREDIA, ALWN, OPTIMA, CENER, SBLK, PEIR, EUROB, GEK TERNA, ARAIG, KRI, BELA, ETE, PPC, ALPHA, KAIROMEZZ). EUROB, ETE and PEIR accounted for 65% of total gross trading value.
Of total turnover of €761.9 million, €712.6 million was in FTSE 25 shares.
Today was the week’s final session, bringing a negative week that left the General Index down 3.18%. Over the same period, the banking sector index fell 6.6%. Since the start of the year, the General Index has gained 19.32% and the Banking Index 23.48%.