Athens Stock Exchange Loses 60% of 2024 Gains in One Session to Close Down 6.3%

Black Monday on the Athens Stock Exchange: Almost all of 2024's gains were wasted – combined two-day losses of 9%.

The Greek market has given in completely to the wave of liquidations that has swept the markets and taken scale of collapse in Japan and South Korea, while losses on Athens Avenue were significantly greater than on European sites.

During the session, turnover amounted to more than 200 million euros, and the overall index of the Greek stock exchange reached its lowest level since January 19, losing 60% of its gains since the beginning of the year in one day!

On this “Black Monday” for the Athens Stock Exchange, almost all of the 2024 gains were wiped out.

The Greek market has been hit by a global wave of liquidations, losing more than 9% over the past two days – its worst performance since March 2020. The overall index fell 6.27% to close at 1,341.23, down about 90 points from Friday's close of 1,430. The intraday decline was more than 7%. The market was very volatile, with the daily range reaching 108 points (1,320.77 to 1,428.01), and the turnover rose to 233 million euros, of which 11.1 million were pre-agreed packages.

Banking sector and blue chip stocks

Banks were at the epicentre of the fall, with Piraeus, Alpha, Ethniki and Eurobank losing between 6.5% and 9%. Shares of major companies such as Mytilineos, PPC, OPAP and OTEfell to 8%. Only one listed company, Papoutsanis, managed to close with a positive result, making a profit of 0.85%.

The banking index fell 7.56% to close at 1,159.77 points, its worst session since March 2023. Piraeus and Eurobank shares lost 9.17% and 7.74% respectively, while Alpha Bank and Ethniki lost 7.07% and 6.59% respectively.

Large and mid cap

In the large-cap index, Hellaktor fell 9.18%, while Aegean, Helleniq Energy, Lamda, Metlen, Titan Cement, Viohalco, GEK Terna, PPC, ELVALCHALKOR, EVDAP and Motor Oil lost 6% to 8%. OPAP, OTE, AIA, Sarantis, Jumb, Coca Cola, Cenergy and Autohellas fell 3% to 5%.

In the mid-cap index, Profile and ABAX fell 10%, while Fourlis, Ideal, Lavipharm, Quest, HEXAE, Intracom, Intralot, Techniki Olympias and Optima fell between 7% and 9%. Shares EYATHKri Kri, PPA and Plastic Thrace fell to 5%.

A total of 112 stocks declined, one stock rose and 15 stocks remained unchanged. The total market capitalization was EUR 93.3 billion.

International economic concerns such as a possible recession in the US economy, geopolitical tensions in the Middle East and uncertainty in the technology sector have led to a wave of liquidations across the board. In particular, the pan-European Stoxx 600 index hit a 6-month low, while Japan's Nikkei index fell 12% in its worst session since 1987. On Wall Street, the Dow Jones Industrial Average fell 900 points, while the S&P 500 and Nasdaq fell 3% and 4%, respectively.

The Greek market is facing external challenges with limited room for maneuver. The fall below the 200-day moving average (1,375 points) and the reversal of the long-term upward trend are signs of concern for the market's course in the near future.

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