The announcement of the election date caused pressure, as well as volatility, on the Athens Stock Exchange, although turnover did not move to high levels, indicating a reclassification of some portfolios for the pre-election period, rather than intense investor flight.

The shallowness of the Greek market means that several moves can affect the big picture, so the decision of some investors to liquidate their positions and wait and see in the face of political events could send the General Index into a loss. more than 1%.

According to domestic analysts, the accumulation of the General Index is likely in the next period, as now investors are closely following the polls and assessing how a new political landscape can be formed in the country. Importantly, according to the rating agencies, the most likely scenario for Greece is to continue reforms, as everyone recognizes the benefits of the Investment Grade Recovery Fund.

According to rating agencies, the most likely scenario for Greece is the continuation of reforms.

In the statistics of the session, the General Index closed down by 1.19% to 1023.44 points, and the turnover amounted to 72.3 million euros. The Large Cap Index closed down 1.08% at 2476.09 points, while the Mid Cap Index closed down -1.44% at 1502.89 points.

The banking index fell by 1.43% to 744.5 points, while Alfa-Bank recorded a loss of 3.3%, Piraeus Bank recorded a fall of 2.56%, and the National Bank – by -1.13%, and The European Bank recorded an increase of 0.29%. In non-banking blue chips, only Sarantis (+1.99%), TERNA Energy (+1.63%) and OPAP (+0.54%) moved positively, while Biohalko, PPC closed with losses of more than 2%, Ellactor and Autohellas and with more than 1% drops in Aegean, GEK TERNA, Coca-Cola, EYDAP, Motor Oil, OTE and ELVALHALCOR.

The Greek stock exchange is bound to be affected by international banking turmoil as the General Index has already scored a remarkable victory in a 1,000-point standoff, commented Dimitris Tzanas, management consultant for Kyklos AHEPEY. However, the banking sector is well positioned to highlight its idiosyncrasies when it starts publishing its first quarter data towards the end of May, when its financial health and improved profitability become apparent.

At the same time, the growth target for this year has been adjusted by the Treasury to +2.3%, with the current account balance improving significantly at the start of the year and travel revenue projecting record highs for 2023, he adds. However, Goldman Sachs and JPMorgan remain on a wait-and-see basis with respect to both stocks and bonds until investment grade is acquired for the Greek economy, which will occur after the completion of the election process, which begins on May 21. they access polls daily to be published.