Athens Airways has entered its second consecutive day of selective liquidation, following moves yesterday aimed at alleviating recent multi-year highs. The global markets are experiencing unprecedented uncertainty due to ongoing legal disputes over U.S. tariffs, which were reintroduced after being initially rescinded. Nevertheless, the current situation does not jeopardize the substantial gains achieved in May—marking the seventh consecutive month of profit—effectively debunking the adage “sell in May and go away” this year.
In Friday’s session (30/5), the General Index fell by -0.35%, trading at 1,852.70 points, oscillating within a narrow range of about 7 points, specifically between a low of 1,851.10 and a high of 1,858.15. The General Index is on track for weekly gains, needing to drop more than -3.05% or under 1,802.34 points (the close on May 23) to lose its positive momentum.
The index is experiencing a +9.48% increase for May, with today’s session remaining to finalize the month. Overall, the return for the year stands at +26.5%. It’s important to note that on Thursday, it faced profit-taking pressures following a robust three-day rally that brought the General Index close to 1,900 points—a 15-year high since April 2010.
Today’s auctions are expected to generate significant trading volume, as institutional portfolios engage in structural adjustments as part of the quarterly rebalancing of MSCI indices that was recently completed, with PPA now included in the Small Cap. It’s worth mentioning that there were no alterations to the MSCI Greece Standard core index.
Scope Ratings will release its report on Greek debt this evening, capturing the attention of the domestic investment community. The agency will decide whether to upgrade the Greek economy later this year, following similar actions by Moody’s, Standard and Poor’s, and Fitch, or to maintain the rating at “BBB” with a stable outlook.
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