Today’s session on the Greek stock market painted a picture of an indecisive market, with shares switching between gains and losses and turnover edging lower.
Decliners, meanwhile, outnumbered advancers and held the lead through to the close. At the session low, red stocks were more than twice as numerous as those in the green.
As has happened in recent negative sessions, the EEE share (+2.94%) once again played the role of the index’s “bodyguard”, moving steadily in positive territory and providing significant support to the Athens bourse’s main indices. Rising oil prices also brought buyers back to the refiner stocks (ELPE +1.86%, MOH +2.83%).
It is worth recalling that the General Index and the banking index had each risen for three consecutive sessions, gaining 3.66% and 8.44%, respectively, but at the first deterioration in the international climate, the market “changed direction”.
According to technical analysis, as long as the General Index fails to close above 2,640-2,643 points, the prospect of filling the “gap” at 2,518-2,498 points remains live, particularly if the international climate deteriorates again.
ALPHA, OTE and PIR published nine-month results today, prompting mixed reactions among analysts. NBG is due to report on 4/11/2026, BOCHGR on 5/11/2026, OPTIMA on 11/11/2026 and CREDIA on 12/11/2026.
It is worth noting that ALPHA’s profits and net interest income were significantly above expectations, bolstering investor sentiment ahead of its Investor Day on 5 November. EUROB’s third-quarter net profit also came in above analysts’ expectations.
Meanwhile, clouds of concern appear to be returning to international markets.
Corporate results from Amazon and guidance from Intel disappointed, fuelling concerns about the technology sector. In addition, European natural gas prices have topped €100/MWh and oil is moving higher again.
Renewed concerns over technology stocks spread to Asia this morning (Nikkei -2.06%, Kospi -3.48%).
“Big tech companies lost almost $900bn in market value after another sharp increase in spending in the third quarter. The development has turned some of the most profitable businesses in history into companies with huge cash outflows, as they stake their futures on artificial intelligence. Shares in the four major cloud infrastructure companies, known as ‘hyperscalers’ — Amazon, Meta, Microsoft and Google parent Alphabet — fell after they reported third-quarter results. Their capital expenditure almost doubled, while concerns also emerged about slowing revenue growth in their core businesses,” the Financial Times reports.
Meanwhile, the BoJ left its short-term policy rate unchanged at 1.25%, with eight votes in favour and one against, in line with market expectations. The decision followed two consecutive 25-basis-point increases, in June and September, leaving borrowing costs at their highest level since April 1995.
Looking ahead to the next central bank meetings, the Fed is scheduled to meet on 9/12/2026, the ECB on 17/12/2026, the BoJ on 18/12 and the BoE on 5/11 and 17/12.
Turning back to Greece, the “Euronext Athens Small Cap Conference 2026” will be held on 2 November 2026 at the Divani Caravel hotel. According to the invitation from Euronext Athens, participating companies will include Alpha Trust Andromeda, AS Company, Biokarpet, Daios, Elton, EIS, Lanakam, Quality & Reliability, Revoil, Softweb, Trek Development, Unibios, Verallis and Y/KNOT Invest.
Investors are awaiting an announcement from MSCI on its quarterly index review. The changes will be announced late on the evening of 11 November 2026 and take effect on 1 December 2026, with investors rebalancing their positions on Monday, 30 November 2026.
Announcements on the FTSE Russell index reconstitution are due on 13/11, with rebalancing on 18/12.
On 30 November and 1 December, attention will shift to London, where the Morgan Stanley & Euronext Athens Greek Investment Conference 2026 will take place.
Meanwhile, according to the Hellenic Capital Market Commission register, the following net short positions exceed 0.5%:
Qube Research & Technologies Limited continues to hold a net short position of 0.79475% in BYLOT, 0.77143% in ADMIE, 0.82746% in AKTR, 0.50226% in LAMDA and 0.7016% in CREDIA. AKO Capital LLP has a net short position of 1.05351% in MTLN.
As of 29/10/2026, Qube Research & Technologies Limited increased its net short position in AKTR to 0.90403%, from 0.82746%.
Major European markets were mixed, with traders pricing in the latest rise in oil prices as well as mixed movements in government bond yields.
Specifically, the yield on the US two-year note stood at 4.62%, that on the 10-year at 4.95% and the 30-year yield at 5.31%. The yield on the Greek 10-year bond rose to 4.31%, while that on its French counterpart stood at 4.97%.
“The eurozone is facing a new bout of energy-driven inflation at a time when financing conditions have already deteriorated significantly. The ECB must tackle rising prices without placing excessive strain on an economy that is beginning to feel the effects of higher borrowing costs. The ECB itself acknowledges that energy prices have exceeded the assumptions in its September forecasts, increasing the likelihood that inflation will remain significantly above target for several more quarters.
The war in the Middle East is the biggest source of uncertainty. A prolonged disruption to oil and gas supplies could drive prices even higher, reducing household disposable income and curbing consumption and business investment.
In other words, the eurozone faces the risk of stagflation. Slower growth could coincide with persistently high inflation, creating an environment in which conventional monetary policy responses become less effective. Bond yields have risen, stock markets have fallen and banks have become more cautious towards borrowers. Meanwhile, a significant development has added fresh interest to the outlook for European monetary policy: Christine Lagarde has announced that she will step down as ECB president on 7 February 2027, before her term ends, with her successor to be chosen by the European Council. Frankfurt faces a particularly delicate balancing act. Inflation demands vigilance, but growth has limited room to absorb further strain. And this time, the cost of a wrong decision could prove considerably higher than the cost of waiting,” says Symeon Mavroudis, portfolio manager at Fast Finance Securities.
Staying with government bonds, the US government issued a total of $839bn in Treasury securities this week, a record high. The Treasury bill and bond sales had a dual purpose: to repay maturing securities and to raise additional funds to finance the federal deficit.
The General Index traded between 2,625.73 (+0.10%) and 2,605.43 points (-0.67%). At 5pm it stood at 2,613.61 (-0.36%) and ended the session at 2,619.08 points, down 0.15% on the day.
Turnover was €422.5m, of which €48.2m came from negotiated deals (BOCHGR, AKTR, NBG, ADMIE, PIR, EUROB, ELPE, ALPHA, AIA, GEKTERNA, MOH), with PIR, NBG, ALPHA and EUROB accounting for 66% of total gross trading value.
NBG accounted for 23% of turnover.
Of total turnover of €422.5m, €407.7m was in FTSE25 shares.
Today was also the final session of the week, the month and the first ten months of the year.
The week ended higher, with the General Index gaining 3.5% and the banking sector index rising 6.75%.
October lived up to its poor seasonal record, ending the positive run of the previous six months and leaving the General Index down 4.36% for the month and the banking index down 9.61%.
Since the start of the year, the General Index of the Athens Exchange is up 23.5% and the banking index is up 31.82%.
SPYR (+133.33%) was the best-performing stock over the first ten months of the year.