Greece stocks steady as earnings season starts

For now, the message from trading is one of rotation, not capitulation. Turnover stood at 10.74 million euros, with 41 stocks higher and 35 lower, a mixed tape that fits a market digesting gains after a strong run. The banking index fell 0.85% to 3,199.59, dragged lower by Alpha Bank, Eurobank, National Bank of Greece and Piraeus, while HELLENiQ Energy and Motor Oil each dropped more than 2% as crude stayed elevated above $100 a barrel, pressuring the refiners even as global energy prices support the broader oil trade.

That split matters for investors because it shows where the market is still vulnerable. Banks have been the market’s main engine, so weakness there can cap index upside even when the broader tone is constructive. Refiners, meanwhile, are facing a tougher mix: higher crude can inflate working capital and squeeze sentiment before earnings, even when product margins remain healthy. If the current pause extends, it will likely be because the market is waiting to see whether first-half results can justify higher valuations and whether earnings momentum can broaden beyond the financials.

The counterweight is coming from defensives and exporters with visible earnings power. Coca-Cola HBC rose 1.8% after three straight declines, a reminder that investors are still willing to pay for stability when the macro backdrop gets noisier. Viohalco and PPC also gained around 1%, while Ideal and Qualco were among the stronger movers in mid-caps. That kind of relative strength is exactly what you would expect in a market searching for the next catalyst: money rotates toward companies with clearer cash flow, pricing power and recovery potential.

The upcoming results season is now the key market event. Plastika Thrace has already reported first-half numbers, with Ellaktor and Alumil due later in the day, followed by a dense calendar that includes ADMIE, Avax, Kri Kri, Jumbo, Aktor, EYDAP, OLS and others over the next week. For Greece, this earnings window is more than routine reporting. It will determine whether the upgrade to developed markets becomes a durable valuation story or merely a technical milestone that needs confirmation from profits, dividends and outlooks.

My view is that the market underestimates how much the earnings season can reprice the laggards and confirm the leaders. Banks still matter most for the index, but the better asymmetric opportunity may lie in exporters, infrastructure plays and selected consumer names with room to surprise on margins and guidance. If the benchmark can hold above 2,700 in the coming sessions, the next move higher could be driven less by macro mood and more by proof that Greek corporates can turn the upgrade into sustained earnings leverage. That is the catalyst investors should be positioning for now.