Amid the ongoing instability in European markets, today’s (June 17) session of the Athens Stock Exchange was marked by significant investor nervousness. The General Index fluctuated throughout the day, oscillating around the critical 1,400-point level, but ultimately closed above it. Despite this, sellers once again dominated the market.

In Monday’s session, the General Index dropped by 2.80 points or -0.20%, closing at 1,404.11 points. The session was characterized by intense volatility, as evidenced by the wide price range. The index’s low of 1,395.06 points and high of 1,419.49 points marked a span of 24.43 points.

This marked the third consecutive decline for the Athens Stock Exchange, with cumulative losses reaching -3.25%. These losses renewed the two-month low, with the last comparable close being on April 19 at 1,392.62 points.

Banks were heavily targeted by sellers, alongside significant pressure on the industrial sector. Notable decliners included Piraeus, Titan, Aegean, and Alpha Bank. Conversely, Lamda Development saw a surge in buying activity following the entry of shipowner Giorgos Prokopiou into its share capital. The deal, involving 2% of Lamda at 7.1 euros per share, presented a significant premium over current levels, which traders quickly moved to close. Metlen and Jumbo also posted notable gains.

Banks at -1% – Sluggish Turnover

The banking sector ended Monday with losses exceeding -1%, as the sectoral index fell by -1.03% to 1,228.06 points. Similarly, the FTSE IN (industry) declined by -0.86% to 6,058.14 points. The FTSE 25 (large cap) lost -0.17% to 3,405.71 points, and the Mid Cap index marginally declined by -0.01% to 2,251.94 points.

Trading volume was low, amounting to only 93.195 million euros, with 3 million euros attributed to package transactions. Piraeus (18.541 million euros) and Alpha Bank (14.23 million euros) both saw turnovers exceeding 10 million euros. The market capitalization stood at 97.843 billion euros. There were 50 declining stocks, 48 advancing, and 23 unchanged.

Among systemic banks, Piraeus led the losses with a -2.33% drop to 3.516 euros. Alpha Bank followed, down -1.04% to 1.524 euros, while Eurobank and National Bank of Greece saw milder declines of -0.64% (to 2.034 euros) and -0.56% (to 7.846 euros), respectively.

In the high capitalization sector, Titan fell significantly by -2.36% to 29 euros, and Aegean declined by -1.59% to 11.12 euros. On the other hand, Lamda Development jumped by +3.38%, closing at 6.72 euros and narrowing the gap from the 7.1 euros deal with Prokopiou. Jumbo (+1.64% to 26.04 euros) and Metlen (+1.48% to 35.64 euros) also recorded gains exceeding +1%.

In mid-caps, Profile plunged by -2.29% to 4.49 euros, and Lavipharm decreased by -2.7% to 0.866 euros. Intracom Holdings (-1.67% to 3.235 euros), AVAX (-1.39% to 1.414 euros), Fourlis (-1.28% to 3.85 euros), and Intralot (-1.26% to 1.1 euros) also saw declines of at least -1%. Conversely, Intrakat rose by +2.83%, closing at 5.08 euros, and Ideal increased by +2.33% to 5.71 euros. Alumil (+1.3% to 2.735 euros) and Austriacard (+1.21% to 5.84 euros) also posted gains exceeding +1%.

Inability to React

The absence of a positive catalyst left little room for a convincing rebound in the Athens Stock Exchange. Analysts had deemed today’s session crucial to gauge investor positioning after last week’s widespread liquidations in Greece and Europe. Major stock exchanges in Europe started the day with strong gains, some reaching +1%. However, extreme volatility ensued, resulting in no clear direction. France and Italy experienced mild rebounds following Friday’s heavy losses, while the UK and Spain saw controlled declines.

Traders focused on National Bank today, amid rumors of an imminent upgrade by Moody’s, following Eurobank’s upgrade. National Bank of Greece already holds an investment-grade rating from DBRS, and its recent five-day decline below 8 euros suggests a potential rebound is imminent.

Attention also turned to the upcoming general assembly of TERNA Energy on Thursday, with anticipated official announcements regarding a sale deal to Masdar.