Lamda Development

The benchmark of the Greek stock market slumped on Wednesday to a new month-low, as it has completed four consecutive sessions of decline and traders showed no intention of containing its losses - which may point to more losses.

The Greek stock market found itself in downward territory for the second consecutive day, falling back below 1,440 points, but keeping this critical threshold in close proximity. Athens failed to coordinate and went “against” the favorable sentiment of the international markets. Stabilizing trends on the board, with the General Index moving in a range of just 9 points.

The Greek stock market closed in the red, but far from the day’s lows, in a session marked by strong import pressure. The “breach” of 1,430 points proved to be temporary, with sellers gradually “downshifting” and eventually calmness prevailed on the board.

The sight is at least impressive: the gigantic cranes, these powerful metal giants, are precisely executing the “architectural choreography” composed by some of the best engineers in Greece and internationally.

On Monday (5/8), the General Index plunged by -7.37%, trading at 1,325.49 points, fluctuating between a low of 1,325.03 and a high of 1,428.01 points.

The current scenario reflects one of the most significant daily declines in recent years, comparable to February 24, 2022 (-6.42%) and March 23, 2020 (-7.58%). If the index falls below 1,300 points, it risks wiping out 2024’s gains.

The Greek stock market closed Wednesday’s (31/7) session on a positive note, with the banking sector giving its back, stopping a six-day downward trend that had cost it -5.26%.

Stock prices staged a comeback on Friday to see the benchmark end the week with gains for the fourth consecutive week - a sequence unseen in over four months. The bank sector this time bucked the trend and finished the day with losses, ahead of the announcement of the four systemic lenders' first-half results from next Wednesday.

The benchmark at Athinon Avenue declined on Thursday for a third session in a row, although it actually managed to contain its losses upon closing largely thanks to the robust showing by OTE. The day's drop was partly due to the dividend that Eurobank distributed and partly because of the continued pressure on US technology stocks that has had a global impact.

The growth of most banks weighed decisively on the Greek stock market on Thursday for the final color of the benchmark, which reverted to black upon the closing after a rather narrow session, while turnover continued to decrease. Markets appear satisfied with the decline of the US inflation rate in June, which strengthens the scenario of two rate cuts by the Fed by year-end.

Flisvos Marina, managed by LAMDA Development and with an 8.16 million euro upgrade plan, is among the investment projects that have received the green light under the Ministry of Tourism’s approval decisions for Recovery Fund projects involving the upgrading of tourist ports.