The new trading week opened on a decidedly positive note, with the Athens Stock Exchange’s main indices remaining in positive territory throughout. Buyers drew confidence from gains in major European markets and a further retreat in oil prices. According to an Israeli report, Qatar’s prime minister had delivered to Washington a proposal approved by Iran for reopening the Strait. The plan provides for the lifting of the US naval and economic blockade of Iran in return for an end to Iranian attacks on ships and oil tankers belonging to Persian Gulf countries. Tehran appears to be dropping its demand to take control of the Strait of Hormuz and collect transit fees from commercial vessels using the strategically important sea route.
It is worth recalling that the General Index had fallen for two consecutive sessions, losing a cumulative 4.1%, while the Athens Stock Exchange’s total market capitalisation shrank by €7.9bn over the two-session decline.
Closing auctions also provided significant support, leaving the Athens Stock Exchange’s main indices at or near the day’s highs and six large-cap stocks at their intraday highs.
Turning to domestic developments in chronological order, Fitch affirmed Greece’s credit rating at “BBB” with a stable outlook, leaving the country’s rating unchanged. This was the final rating review of Greece’s creditworthiness for the current year.
Beyond that, active traders were focused today on heavyweight bank stocks and Coca-Cola HBC, looking to them to lead a rebound.
Coca-Cola HBC shares (+2.72%) had fallen for two consecutive sessions, losing a cumulative 15.56%, following the widely reported developments. The stock began the session cautiously, with repeated swings between gains and losses, before staging a sharp rebound to €54.00 (+8.76%) and then retreating noticeably.
“The Kremlin is unaware of any request by a Russian businessman — the owner of the Altai-based company ‘Bochkari’ — to take over the temporary management of Coca-Cola’s Russian assets. I don’t know whether such a request was submitted, but even if it was, we never comment on internal, official or administrative correspondence,” presidential spokesman Dmitry Peskov told reporters.
Leaving Coca-Cola HBC aside, the banking index’s final gain of 3.57% leaves little doubt about which sector led today’s rebound.
Other features of today’s session included other large-cap stocks gradually joining the rally, while the mid- and small-cap segments remained lacklustre. This was despite hopes among a number of market professionals that the start of the final two months of the trading year would gradually shift interest towards smaller companies, as has traditionally happened in several recent years.
On the technical front, an experienced analyst who works closely with the column said: “The week just ended was fascinating. Full of ‘goals and spectacle’. Buyers came out on top in the first ‘half’, but little did they know what awaited them in the second ‘half’: a global ‘sell-off’. The trigger was the US election results. The cause was the irrational, stratospheric valuations reached by new technology stocks.
“From a technical perspective, as far as the Athens Stock Exchange is concerned, we witnessed a failed attempt to break above 2,662 points, followed by a breach of 2,591 for the third time in recent weeks. Buyers are now pinning their hopes on the 30-week exponential moving average (exactly 2,500 points).
“Downtrend line R, at 2,750 points, links the highs of 1999 and 2007 and, just as we expected and repeatedly warned, proved a tough nut to crack.
“The short-term trend is decidedly bearish. A move above 2,630 points is needed to reverse it.
“I continue to believe that, until a viable, liberal government emerges, the index will trade within its familiar range, with a floor of 2,400 points. As long as the index remains below 2,650 points, a move towards 2,400 is the most likely scenario.”
“Every day is a new day. Stock markets have entered a new period of volatility, as investors weigh what the new political landscape in the US means for investment in artificial intelligence, while high valuations leave little room for companies to miss earnings expectations. On the Athens Stock Exchange, strong bank results and updated full-year targets are helping to contain imported market pressure. Frequent swings between gains and losses, and the breadth of price movements, make even a well-founded investment based on fundamentals a risky proposition. In this environment, the most prudent move may be… to do nothing. As long as the uncertainties driving this nervousness persist, it is hard to tell whether the volatility cycle has just begun or is nearing its end. A move towards 2,513 points currently appears to be the most likely short-term scenario, though with considerable caution, in a market that changes mood not just from day to day but even during the day,” says Manos Chatzidakis.
It is worth recalling that, among the bank results still to be reported, OPTIMA is due to announce on 11/11/2026 and CREDIA on 12/11/2026.
Attention is also turning to the systemic banks’ scheduled interim dividend payments: on 16/11, National Bank of Greece goes ex-dividend for a gross interim dividend of 0.26 per share; on 21/11, Piraeus Bank goes ex-dividend for a gross interim dividend of 0.10 per share; on 23/11, Eurobank goes ex-dividend for a gross interim dividend of 0.0599 per share; and on 30/11, Alpha Bank goes ex-dividend for a net interim dividend of €0.0525193880 per share.
Among the other, non-bank results due, SB is scheduled to report third-quarter results today after the New York market closes. Tomorrow at 10.30 a.m. Eastern Time (17.30 Eastern European time), the company’s management team will hold a conference call to discuss the results. On Tuesday, 10 November, BYLOT and Sarantis are due to report before the Athens market opens. AustriaCard follows on Wednesday, 11 November. On Thursday, 12 November, Premia Properties and HelleniQ Energy take their turn to report.
The “Mid Cap Conference” will be held in Athens again tomorrow.
Twenty-two companies will take part in the presentation: Alter Ego Media, Alumil, Avax, BriQ Properties, Capital Maritime Finance, EKTER, Ideal, Interlife, Kri-Kri, Lavipharm, Noval Property, Onyx, Orilina, Performance Technologies, Premia, Profile, Qualco, Real Consulting, Thrace Plastics, Safe Bulkers, Trade Estates and Trastor.
Investors are also awaiting the MSCI announcement on its quarterly index review. The announcements will be made late on the evening of 11 November 2026, with changes taking effect on 1 December 2026. Investors will rebalance their positions on Monday, 30 November 2026.
Announcements on changes to the FTSE Russell indices are due on 13/11, with rebalancing on 18/12.
The main difference between the two index providers is that MSCI has not yet upgraded the Athens Stock Exchange; that is due next May, unlike FTSE Russell, which has classified it as a developed market.
The MSCI Greece Standard currently comprises ten stocks: Eurobank, Alpha Bank, National Bank of Greece, Piraeus Bank, PPC, OTE, Jumbo, GEK TERNA, Motor Oil and Allwyn.
On 30 November and 1 December, attention turns to London, where the Morgan Stanley & Euronext Athens Greek Investment Conference 2026 will be held.
Major European markets were in positive territory with notable gains, as oil prices fell and banking stocks were in focus after Credit Agricole SA said it had proposed merging its Italian subsidiary with Italy’s Banco BPM, aiming to create a single group that would be the country’s third-largest bank. UniCredit also posted significant gains after reporting third-quarter profits well above expectations and raising its full-year profit target.
Meanwhile, Spain’s Pablo Hernández de Cos and the Netherlands’ Klaas Knot are the only candidates to succeed Christine Lagarde as president of the European Central Bank. The eurozone’s 21 finance ministers will assess the nominations today, Monday.
Yields in the government bond market were steady. The US two-year yield stood at 4.55%, the 10-year at 4.86% and the 30-year at 5.26%. The Greek 10-year yield was 4.109%, while the equivalent French yield was 4.73%.
Staying with international markets, a key event this week will be tomorrow’s release of the October Consumer Price Index in the US (15.30 Greek time). It will be the final CPI reading before the Fed’s decision on 9 December. US bond markets will be closed on Wednesday for Veterans Day, while equity markets will operate as usual.
The remaining central bank meetings scheduled for the end of the year are: the Fed on 9/12/2026, the ECB on 17/12/2026, and the BoE and BoJ on 18/12/2026.
The General Index remained in positive territory throughout, reaching an intraday high of 2,602.62 points (+1.93%). At 17:00 it stood at 2,602.34 (+1.92%); closing auctions took it to a new high of 2,609.75 (+2.21%), before it finished the session at 2,609.63 points, up 2.20% on the day.
Turnover was €343.1m, of which €43.2m was in negotiated trades (CREDIA, SB, CENER, OTE, Piraeus Bank, Lamda Development, GEK TERNA, Alpha Bank, Eurobank, National Bank of Greece, Jumbo, PPC and Motor Oil). Piraeus Bank, Eurobank and National Bank of Greece accounted for 53% of total gross trading value.
Piraeus Bank accounted for 22% of turnover.
Of the total turnover of €343.1m, €329.8m was in FTSE 25 shares.