The Greek stock market lost most of the gains of the previous two days, retreating once again below the 2,100-point threshold. The banking sector came under the strongest selling pressure, especially in the last hour of trading.

On Wednesday (3/12), the General Index fell by 21.33 points or -1.01%, closing at 2,086.55—the day’s low. The day’s high was 2,110.30 points. With this move, the ASE erased nearly all gains made in the first two sessions of December. Year-to-date performance now stands at +41.97%.

Among bank stocks, Eurobank and National Bank recorded sharp losses. Noteworthy was a mega-block trade involving Piraeus Bank shortly after 11:30 at €7.127 per share. Specifically, 3.63 million shares changed hands, with a total value of €25.88 million. Among blue chips, Metlen, Coca-Cola HBC, and OTE declined significantly. On the other hand, Viohalco “kept its foot on the gas,” hitting a new record and moving closer to €11 for the first time.

Despite today’s drop, positive momentum remains, supported by optimism abroad and expectations for Fed rate cuts. The Morgan Stanley–ASE roadshow in London has also boosted domestic investor sentiment. Support also comes from favorable analyst reports, especially for bank stocks.

Developments in banks due to reverse mergers with Holdings

Eurobank held an extraordinary general meeting today, with the main topic being the reverse merger with Eurobank Holdings. Holdings shares will trade for the last time on December 9, ahead of the merger’s completion on December 12. The new shares will begin trading on December 15.
At the same time, the bank is restarting its share buyback program, with €123 million remaining, to be completed by April 29, 2026.

Piraeus Bank is moving forward with listing all 4.9 billion existing shares on the Main Market of the Athens Stock Exchange, after approval of its prospectus and ahead of its planned reverse merger with Piraeus Financial Holdings, expected to be completed on December 19.

Aktor is proceeding with a bond issuance of up to €140 million (minimum €90 million), with a five-year maturity. The Athens Exchange confirmed that the requirements have been met for the admission of up to 140,000 common registered bonds resulting from the issuance and approved their listing in the Fixed Income Securities Category of the regulated market.

Cautious investors abroad

Wall Street shows a mixed picture today, as the U.S. market weighs crucial economic data that will influence the Fed’s next moves, especially for next year. Expectations for a third rate cut at the December 10 meeting have increased again. ADP employment data, released today, has raised concerns.

European markets are trading higher, though the climate remains fragile ahead of upcoming U.S. economic data and increased geopolitical risk.
The Stoxx 600 is up +0.2%, Germany’s DAX +0.1%, France’s CAC 40 +0.2%, while the UK’s FTSE 100 dips slightly. Spain’s IBEX 35 jumps +1.5% to 16,715 points, a new all-time high, boosted by Inditex.