Investors went into massive selling today on the Greek stock market, which was indeed affected by the negative sentiment in global markets, but its losses were larger compared to the rest of Europe. From 14-year highs of 1,550 points (April 2011), the General Index fell indiscriminately to 1,500 points, while banks and blue chips “fell” even further, moving away from 9-year (November 2015) and 10-year (September 2014) records, respectively.

Specifically, in Monday’s (3/2) session, the General Index slipped 41.82 points or -2.7% to close at 1,507.50 points, close to the daily low of 1,505.48 points. At 1,530.49 points was the high of the day. This was the worst daily performance in the last six months and in particular since the global sell-off on August 5 (-6.27%). At the same time, it closed at a nearly three-week low, namely the lowest point since January 16 (1,506.83 points).

Banks were in the “eye of the storm”, leading January’s gains (+5.4% for the DG, +10% for banks), with the sectoral index losing more than -4%. Tr. Piraeus and Eurobank, which slipped by -5%. Today’s liquidations were accompanied by increased turnover, a sign that sellers rushed in en masse, especially in “heavy paper”. There were also a few stocks that “escaped” with gains. As far as high-cap stocks are concerned, the negative protagonists included Viohalco, Titan, Motor Oil, Cenergy Holdings, Lamda Development, and ElvalHalcor.

The Tariffs and the January Effect

Global stock markets are under heavy pressure today as investment sentiment is shaken by US tariffs on China, Canada, and Mexico, with investors assessing the impact and possible retaliation. According to analysts, heightened concerns of an escalating tariff war continue to weigh on investment sentiment, despite an upgrade in the domestic banking sector.

The Athens Stock Exchange took a “tip” of about 80 points last month and made the most of the January Effect, which fueled gains and new records in markets in Greece and abroad. The General Index rose +5.42%, keeping in touch with the 14-year high of 1,550 points. Banks set the “pulse” with a jump of almost +10% in January, translating into a 128-point gain (from 1,286 to 1,414 points).

Piraeus Bank has entered the “race” for the acquisition of Ethnikis Insurance, as it has expressed formal interest in acquiring 90% of the insurance company from CVC Capital Partners and has reportedly secured the approval of both the BoE and the SSM. However, in a statement shortly before the start of today’s meeting, the bank clarified that “its assessment of the investment in Ethniki Insurance is still ongoing and therefore there is no definitive agreement on a potential transaction.”

The focus remains on systemic banks, as S&P Global Ratings upgraded the credit ratings of Eurobank and National Bank to ‘BBB-/A-3’ from ‘BB+/B’, both to investment grade with a stable outlook, while Piraeus Bank’s long-term rating was also raised to ‘BB+’ from ‘BB’, with the short-term ‘B’ rating affirmed, with a stable outlook. These upgrades reflect S&P’s view of improved financial stability, reduced industry risks, and a stronger macroeconomic environment for the Greek banking sector.

The extraordinary general meeting of Ideal Holdings also took place today, with the main item on the agenda being the approval of the capital repayment of EUR 0.1 per share. The payment will be made at the end of next March. Investors are also focusing on Attica Group’s roadshow, which is being held in London, as part of the sale of a significant percentage of shares that the group is launching.

In the red international markets

Wall Street indices posted losses on a daily and weekly basis, although the January report was positive, with the Dow Jones standing out due to its +4.6% gain. The New York Stock Exchange is starting February on the “left” in the wake of the US tariffs that went into effect. The negative star is the tech Nasdaq, which is down nearly -2.5% today.

European stock markets are following Wall Street’s liquidation, with the Stoxx 600 and Germany’s DAX correcting from their all-time highs. The Stoxx is down 1.4%, while the major indices on the Old Continent are down between 1.5% and 1.9%.

Sell-off conditions prevailed in Asian markets, with the Japanese Nikkei sliding -2.7%, losing more than 1,000 points. The Kospi fell -2.5% in South Korea and -1.8% for the S&P/ASX 200 in Australia.