“Resistance” was shown by the Greek stock market to pressure from US inflation. While Wall Street was correcting and euro markets were losing their initial momentum, Athens Avenue was picking up speed and ended above 1,560 points for the first time since March 2011 and closed at the highs of the day.

Specifically, in Wednesday’s (12/2) session, the General Index gained 13.11 points or +0.85% and closed at 1,562.04 points, “absorbing” the shocks from the two-day downward streak that preceded it. The range was set at 12 points, namely between 1,550.50 (low of the day) and 1,562.09 points (high of the day). The GD gains +0.82% in February and +6.29% in 2025. March 29, 2011, and 1,579.76 points is the next milestone.

The Mediobanca report worked favorably for Greek bank shares, with Piraeus (+2%) standing out and the other systemic banks following, all of them with gains of more than +1%. Among the blue chips, OTE, Metlen, Jumbo, Sarantis, Hellaktor, and Motor Oil recorded notable gains, while Titan narrowed the heavy losses it initially recorded. ABAX emerged as the protagonist of the day, which “climbed” by +4.5% and closed above 2 euros, at levels not seen since April 2010, boosted by the Euroxx report which initiated coverage of the stock, giving a target price of 3.4 euros and an overweight recommendation. At a new all-time high Kri Kri, now approaching 17 euros. One “step” closer to the record high of 32.94 euros, the PPA has made a “step” closer.

Banking rally with increased turnover
The banking index “jumped” +1.58%, closing at 1,413.63 points. The FTSE 25 (high cap) gained +1.03% to 3,814.54 points and the Mid Cap (mid-cap) gained +1.05% to 2,506.47 points.

The value of the transactions amounted to EUR 152.8 million, of which EUR 16.23 million was for packages. EUR 26.14 million in turnover was generated by ETE, followed by Alpha Bank with EUR 24.42 million and Titan with EUR 14.82 million. The market capitalization stood at EUR 109.69 billion. The sign was positive for 63 stocks, and negative for 34, while 28 stocks remained unchanged.

Among systemic banks, Piraeus “climbed” by +2.26% to 4.485 euros, followed by Alpha Bank (+1.5% to 1.79 euros), Ethnik (+1.47% to 8.3 euros) and Eurobank (+1.39% to 2.4 euros).

In the high capitalization, Sarantis (+2.63% at 11.7 euros) and Jumbo (+2.19% at 27.08 euros) gained more than +2%. At the same time, Hellaktor (+1.78% at 2.29 euros), Motor Oil (+1.77% at 21.86 euros), OTE (+1.41% at 14.42 euros), Metlen (+1.2% at 35.3 euros), EYDAP (+1% at 6.08 euros), Cenergy (+0.97% at 9.35 euros) and OPAP (+0.95% at 16.93 euros) were also significantly stronger.

On the flip side, Titan retreated -1.27% to EUR42.6, correcting further from its historical record of EUR45+ -preceded by Tuesday’s -4%- as the stock was not upgraded to the MSCI Greece Standard Index in the end, despite having “collected” enough chances to be added to the index.

In the mid-cap sector, ABAX “took off” by +4.59% to €2.05, which is a 15-year record. Strong was the rise recorded by AXAE (+3.34% to 4.95 euros). PPA (+2.17% to EUR 32.9), Kri Kri (+2.13% to EUR 16.75 – a new all-time high), Autohellas (+1.5% to EUR 10.8), Intracom Holdings (+1.48% to EUR 3.09), Noval Property (+1.38% to EUR 2.565) and Intralot (+1.11% to EUR 1.09) followed with notable gains.

Attica Bank rallied +3.1%, closing at 0.732 euros, with a turnover of more than 1.8 million euros.

Attention turns to corporate results

The HA was coming off two consecutive declines, but they were not enough to take it away from the multi-year record highs of 1,557-1,558 points (March 2011 levels). In Tuesday’s session, it recovered most of the initial losses, putting up defenses against the pressures created by the new US tariffs overall on the markets. Investors’ attention turned to the annual financial results of listed companies, with Coca-Cola HBC kicking off on Thursday 13 February. Bank of Cyprus (February 18) and Metlen (February 20) follow next week.

The quarterly MSCI index restructuring took place on Tuesday evening, where there were no changes for the MSCI Greece Standard Index, despite scuttlebutt about the possible addition of Titan. The Greek index continues to consist of the following 9 stocks: OTE, OPAP, Jumbo, PPC, Eurobank, Alpha Bank, ETE, Piraeus Bank, and Metlen. The changes to the remaining MSCI indices will take effect after the close of the 28 February session.

The changes to the remaining MSCI indices will take effect after the close of the 28 February session.

Investors are also focusing on the new bill currently under public consultation by the Ministry of Economy and Finance, which introduces key reforms to the operation and supervision of the Athens Exchange, to revitalize capital markets as the main source of investment financing. The measures include strengthening regulatory oversight, improving market efficiency, as well as incentives to enhance liquidity and attract new listings. The bill also supports fintech and ESG development, a fairer tax framework, and financial literacy initiatives.