Athens Stock Exchange: “erased” the two-day decline with a boost from the energy sector

The Greek stock market recovered above the recent gain of 1,460 points, “absorbing” virtually all the loss from the two-day correction that preceded it. “Ally” in this effort was the energy sector, with the securities of Metlen and DEI standing out. Piraeus Bank and Jumbo were also among the positive protagonists.

Specifically, in Thursday’s (12/12) session, the General Index gained 6.43 points or +0.44% to close at 1,464.03 points, close to the daily high of 1,466.11 points. The day’s low was found at 1,456.86 points. This further “trimmed” the gap from the 1,500+ point tops.

GD’s intra-December gains amount to +5.06%, while this year’s return stands at +13.22%. The large volume of packages, for trades mainly involving Eurobank, National Bank, and GEK TERNA, kept the total turnover of the Xetra exchange at remarkable levels. Investors were “weighed down” by the new interest rate cut – the third consecutive and fourth in 2024 – by the ECB, but also by the subsequent statements by Christine Lagarde on the tariffs prepared by Donald Trump.

The domestic market is on the rise

Athens is tuning in to the year-end rally taking place in the markets overall, resulting in new highs from major foreign indices (e.g. Nasdaq, DAX). Banks remain the focus of investor interest, as Prime Minister Kyriakos Mitsotakis’ announcements on cutting fees and increasing lending are expected over the weekend.

“The Greek stock market recorded an impressive first half of December. The best week of the year has brought the banking index within striking distance of this year’s high, with its total annual return exceeding 20%. The General Index is also in double-digit performance just a few sessions before closing out its 4th straight up year, with the 100-point rally from the November low having turned the trend bullish across the board,”
Petros Steriotis, a member of the International Federation of Technical Analysts, notes in his weekly commentary.

“At the level of individual blue chips, the excess of the price at which the recent placements were made “relieves” a multitude of investors who believed and placed in them. The gradual conversion of accounting losses into profits obviously implies the stimulation of investor psychology and may result in the diffusion of added liquidity across the entire board,” it says, among other things, adding: “The General Index is “sweet-talking” towards 1,500 points, hoping to receive … “holiday gifts” from positive seasonalities such as window dressing and January effect. The developments regarding the pricing of banking services and the impact this will have on the earnings of the indexed domestic financial sector in the coming years remain critical.”

The two-day correction that preceded the Greek stock market was mild and controlled, with a regrouping of forces on the part of investors in the foreground. The main target – which was achieved – was to exceed 1,460 points, while the distance from this year’s peaks of 1,500+ points is now estimated at less than -3%.

Among others, Attica Bank was in the spotlight today as it presented its Q3 and 9-month financial results. Before the start of the session, the bank announced the completion of the EUR 220 million Project Perseus securitization. Without the dividend entitlement of EUR 0.23 per share, Philippos Nakas shares were trading.

Cautious movements on foreign stock exchanges

Wall Street is moving to the rhythm of Donald Trump as the new US president rang the bell at the start of today’s session. A correction for the S&P 500 and Nasdaq was understandable, on the back of new wholesale inflation data and unemployment benefit claims. As a reminder, Wednesday’s session set a new resounding record as the Nasdaq topped 20,000 points for the first time on record.

The European stock markets are mixed, with the Stoxx 600 down -0.15%, erasing its initial gains. Gains of +0.1% to +0.2% are registered by the major indices of the Old Continent. Traders are focusing on the ECB’s announcements, having discounted the 25 basis point rate cut to 3%, which was confirmed today. Buyers largely held the reins on Asian bourses today, as key indices in Japan, China, South Korea, and Hong Kong closed with gains of over +1%.

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