Banks Rally, Blue Chips Show Fatigue: A Two-Speed Market

Greek equities posted another two-speed session, with banks absorbing the bulk of investor flows and pushing the headline index higher, while most non-financial blue chips showed signs of fatigue and selective selling.

The banking sector acted as the market’s primary engine, capturing the overwhelming share of trading volume and driving gains across the board. Piraeus Bank, Eurobank, National Bank of Greece and Alpha Bank all advanced sharply, in a session where turnover was heavily skewed toward financial stocks.

Beneath the surface, however, the picture was far less uniform. Shares tied to the real economy — including energy, construction and consumer names — traded lower or sideways, highlighting that the rally lacks broad participation.

Markets Are Pricing Banks, Not the Economy

The pattern points to a flow-driven move, with capital rotating into areas offering the clearest visibility:

• upgrade expectations,
• institutional inflows,
• MSCI and developed-market narratives,
• earnings momentum and dividend visibility.

By contrast, non-financial stocks appear to be weighed down by uncertainty around demand, margins and the cost of capital, despite Greece’s relatively constructive macro backdrop.

Who’s Buying — and Who Isn’t

Market desks describe a clear split. Foreign funds are leaning into the banking story, while domestic investors remain cautious outside the financial sector.

That selectivity reinforces the view that the market is not yet pricing a broad-based recovery, but rather favoring liquid names with a clean, internationally legible investment narrative.

What Investors Are Watching

•  Rally breadth — Without participation from non-financials, upside remains fragile.
•  Turnover outside banks — A key signal for trend sustainability.
•  Global cues — European markets and interest-rate expectations continue to shape risk appetite.

Bottom Line

Greek equities are moving higher — but not across the board. Banks are leading, the index is following, and the real economy remains out of sync. Until that changes, the market is likely to continue trading at two different speeds, with investors focused less on direction and more on where the money is flowing.

Source: pagenews.gr