Elections, the completion of published results, the ECB meeting are the factors that will determine the price of the Athens Stock Exchange in May, the month that, according to a well-known saying about the markets, usually begins with a six-month period when markets tend to receive the most pressure (the famous “Selling in May”).

However, the Greek market is starting the new month… with strength, thanks to four months of positive results that put it in first place in terms of income in the world, despite the shocks that have occurred in the US and Europe due to a crisis of confidence in the banking sector , the overall index is up 16.7% year-to-date, while the banking index is up 24%.

The deadline for the announcement of financial results for 2022 is today, May 2, with sales and profitability figures so far impressive and on track for record highs, and cash distributions especially generous. Although several listed companies will publish their results today, the figures obtained so far from the 101 companies that have announced their numbers show that the total turnover already exceeds 100 billion euros, a number that we have never seen, operating profit reaches 13 .6 billion euros with an increase of 40%, and a net profit of 10.7 billion euros. In addition, according to domestic analysts’ calculations, listed companies are expected to exceed 2.5 billion euros in dividends or capital gains, compared to 2.18 billion euros in 2021.

The election is clearly the focus of investors’ attention and has already caused a decline in turnover on the AHE during recent April sessions, indicating a wait-and-see attitude that portfolios are taking, as well as the observation of polls that will increase as we get closer to the poll date.

The overall index is up 16.7% year-to-date and is the highest in the world.

“The ‘election’ factor and the risk of a long period of non-government activity is a deterrent to the formulation of valuations and for investors who desire long-term state stability,” said Manos Hatzidakis, Head of Analysis. department of Beta Securities.

“However, it is necessary to pay attention to the possibility of a resumption of inflation in the eurozone, to the risks of a recession in GDP, as well as to the results of public opinion polls ahead of the parliamentary elections in Greece,” emphasizes Petros Steriotis, managing director of CIF.

As Beta Securities very aptly points out, if we weren’t in the pre-election period, the market would have every reason to break free and hit new higher levels thanks to the impressive performance of listed companies and domestic macroeconomics.

As such, the overproduction of the Greek economy is expected to not go unnoticed on the investment radar as the country returns to “normal” after the elections. In fact, there is a lot of positive news. Last year’s GDP performance (+5.9%) was coupled with a (albeit slight) primary surplus, with the debt-to-GDP ratio down 23 percentage points.