With the index at 52,317 points, yesterday the best half-year since 2021 for the Dow Jones was completed, while the S&P 500 returned to the area of 7,500 points. Investors on Wall Street are now turning their attention to tomorrow's announcement of critical economic data, which are expected to be taken into account by Fed members in shaping their strategy.
Investors in the European markets are starting the second half from a different starting position, after a "poor" plus 2.06% for the DAX 30 and just 2.67% for the CAC 40. Europe remains trapped in its problems, with the ECB appearing cautious about the interest-rate policy it will follow, as inflation persists and the growth rate slows.
With a significant rise of 15.99% and the general index at 2,459.77 points, the Greek stock market clearly differentiated itself from the majority of European markets during the first half of the year. The driver of the rise was the banking sector, with the banking index recording gains of more than 20% and the DTR standing at 2,764.61 points, while the FTSE 25 strengthened by 16.48% to 6,233.16 points.
At the same time, there was a broadening of investment choices toward other sectors, with the broadly defined energy sector playing a leading role and the PPC group acting as a generator of trend creation.
It is common ground in the investment community that PPC's share capital increase was what "unlocked" the inflow of significant capital, allowing the entry of new strong players, the attraction of capital from the US, and the creation of leverage in the market.
What followed, with the latest example being the rapid raising of 658 million euros by GEK TERNA through a private placement, is a result of this successful process. Stelios Bouras refers to the "ammunition" of 2.3 billion euros for the new investment cycle, while Chameleon comments on PPC's decisive role in opening a window of opportunity that is expected to be maintained in the second half of 2026 as well.
Having the precedent of 2025, when the banking index strengthened from 2,000 points at the beginning of July to the fringes of 2,400 points at the end of December, the course of the sector in the coming period remains to be seen. The critical question for buyers is whether banks will remain the market's driver, whether they will be overtaken by the energy sector, or whether they will move together toward higher levels.
The analysts of Moody's consider the issue of the Katseli law manageable, although they identify three risks, while a vote of confidence is given by UBS, proceeding with a significant revision of target prices. Optimistic investors are now looking in July for a break above 2,900 points. At the same time, the analysts of Eurobank Equities appear positive on HelleniQ Energy and Motor Oil, which closed the half-year with gains of 32.18% and 22.23% respectively.
Today the dividend cut of 0.06559 euros per share for Alpha Bank takes place, with the start of its payment scheduled for next Wednesday, 8 July 2026. Given that in June dividend distributions reached 2.4 billion euros, particular interest lies in what portion of these funds will be reinvested in the stock market.
Turnover ultimately came to 291.3 million euros in yesterday's session, with intense activity during the last hour. Pre-agreed orders amounted to 25.8 million euros, a proportionally smaller figure than Monday's 51.6 million euros, in total turnover of 237.3 million euros. It remains to be seen whether the value of the block trades at the close of the half-year concerned a repositioning of holdings or a distribution of securities near the highs.
In the first case, buyers will have the necessary capital to attempt the break above 2,500 to 2,550 points, while in the second, sellers will gain the advantage for a correction below the area of 2,400 to 2,380 points.