Athens shares fell for a second straight session on Wednesday, with the General Index sliding back to 2,651.07 as investors locked in gains after the market’s run to above 2,700 and rotated out of banks, which dropped nearly 2%.
Athens Index Falls as Banks Lead Profit Taking
The move matters because the selloff comes after Greek equities have already delivered a 25.01% gain this year and after the market’s upgrade to developed status, leaving the bourse in a profit-taking phase rather than a broad-based deterioration in fundamentals. Turnover topped 326.55 million euros, a sign that the pullback was driven by active repositioning rather than a thin-session drift.
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Banks were the center of the liquidation wave, with the sector index down 1.88% and the four systemic lenders accounting for 171.7 million euros, or 53% of total trading. Alpha Bank led declines at 4.504 euros, down 2.76%, while Piraeus fell 1.98%, National Bank 1.93% and Eurobank 1.69%.
The weakness in banks also dragged on the broader market, with the FTSE 25 down 0.88% and the mid-cap index off 0.32%. The trading pattern suggests investors are trimming exposure to the market’s biggest winners after the recent rally, while waiting for fresh catalysts from second-quarter and first-half earnings.
Not all stocks moved in the same direction. Metlen rose 1.92% to 48.82 euros after JPMorgan began coverage with an overweight rating and a 64-euro target price, helping the stock resist the wave of selling. Refiners also recovered, with Motor Oil up 2.95% and HELLENiQ ENERGY gaining 2.61% after Tuesday’s sharp drop.
The earnings calendar is likely to steer the next leg of trading, with ABAX already reporting first-half results and more updates due from ADMIE, Kri Kri, Quality and Reliability, AS Company, Elton and Lanakam after the close, followed on Thursday by Aktor, Jumbo, EYDAP and Dimand. For now, the message from the market is clear: after a record run, investors are taking money off the table, and banks are bearing the brunt.
| Entity | Gains | Losses |
|---|---|---|
| Greek index investors | ▲Lock in profits | ▼Miss further upside |
| Banks | ▲High trading volumes | ▼Nearly 2% sector drop |
| Metlen | ▲JPMorgan coverage boost | ▼Little immediate downside |
| Refiners | ▲Rebound from prior selloff | ▼Still exposed to oil swings |
