Greek stocks continued their strong run, holding firm near multi-year highs despite a volatile session marked by constant market swings. Investors managed to keep the benchmark index at its highest level in 14 years (since March 2011), closing just shy of the 1,630-point milestone. Despite global market turbulence, particularly in Wall Street, Athens demonstrated remarkable resilience.

Market Recap: A Tight Battle, But Buyers Prevail

On Monday, March 10, the General Index edged up by 0.04 percent to close at 1,627.94 points, marking a second consecutive day of gains. The session saw sharp fluctuations, with the index moving between 1,619.42 (day low) and 1,632.51 (day high). Year-to-date, the index has gained 10.77 percent, standing just 0.15 percent below its 14-year record.

Trading volume remained elevated, exceeding 220 million euros, with block trades accounting for over 25 million euros.

Banks in the Spotlight: Mixed Performance, But National Bank Leads

• Eurobank fell by 2.61 percent, closing at 2.425 euros.
• Alpha Bank declined 1.36 percent to 2.024 euros.
• National Bank of Greece (NBG) rose 1.28 percent, reaching a nine-year high of 9.50 euros, a level last seen in November 2015.
• Piraeus Bank gained 1.7 percent, closing at 4.78 euros, near multi-year highs.

Among blue-chip stocks, Jumbo posted strong gains, while Titan faced selling pressure.

Turnover Reaches New Highs – Buyers and Sellers in Fierce Battle

The banking index dipped slightly by 0.15 percent, closing at 1,538.42 points.
The FTSE 25 (large-cap index) increased by 0.04 percent to 3,998.94 points, while the Mid Cap Index rose marginally by 0.01 percent to 2,470.49 points.
Total market capitalization now stands at 113.99 billion euros.

Stock performance breakdown:

• 43 stocks closed higher
• 65 stocks declined
• 16 remained unchanged

DBRS Upgrade – A Signal for Moody’s?

The Greek market continues to gain momentum following a recent credit rating upgrade from DBRS, which lifted Greece to BBB with a stable outlook. This places the country one notch above investment grade.

Now, all attention turns to Moody’s, set to announce its decision on Friday, March 14. If Moody’s upgrades Greece from Ba1 to Baa3, the country will officially regain full investment-grade status, a major milestone for the economy.

What’s Next? Earnings Season Kicks Off

Attica Bank is set to report full-year 2024 earnings today.
Dimand is releasing a flash update on its annual performance.
On March 12, Sarantis and Autohellas will publish results.
On March 19, OPAP is expected to make key announcements.

Global Markets: Wall Street and Europe in Deep Red

Wall Street recorded its worst week in seven months, with the Nasdaq plunging more than 3 percent and officially entering correction territory. The sell-off intensified today, with the S&P 500 down 2 percent and the Nasdaq losing another 3.5 percent.

European markets are also under pressure:

• The Stoxx 600 is down 1 percent
• Germany’s DAX is down 1.5 percent

Asian markets showed mixed results, with Chinese indices facing losses while Japan’s Nikkei closed higher.

With Moody’s upcoming decision and earnings season heating up, the Athens market remains in focus. Will it finally break its 14-year record?