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Athens Stock Exchange In Pre-Elections Party with +10% On Speculations and “Secret Polls”

Many wonder today, about the Athens Stock Exchange rallying with an amazing +9%. At 04:38 pm local time, that is 45 minutes before today’s session concludes the General Index is at 545,34 points and an increase of +9.16% with upwards tendency.

UPDATE: The session closed at 550.10 points with +10.12%. Banking sector went up +26%.

Some economic analysts, like Beta Securities,  claim that the ASE rally has to do “with optimism regarding the formation of a pro-bailout government.”

Eurobank Securities told Capital.gr that the ASE movement has to do “with the expectations regarding the elections results and that no change in the trend is expected”.  Piraeus Securities comment that “the market takes for granted an elections result in favor of the country’s remaining in the euro, even though it is rather premature to say something like that”.

Others, like Zerohedge claim that ASE’s soaring has to do with speculations that Alexis Tsipras, the leader of anti-bailout SYRIZA, is bluffing when it comes to ‘scrapping  the bailout’.

Alexis Tsipras himself told ANT1 TV on Thursday morning that he wants the internal devaluation to stop and that he is prepared to discuss all these issues with Greece’s eurozone counterparts.

“If they say ‘no’ to everything, it means that they want the end of the Greek people and the euro,” he said and warned that “if Greece’s doesn’t get its next loan instalment, the eurozone will collapse the next day.”

To the whole unexplained ASe movement, the rumors should be added, rumors claiming that conservative pro-bailout Nea Dimocratia is heading in ‘rolling polls’ with more than +3% difference from SYRIZA.

Real fact or wishful leakage in order to influence voters, just three days before the elections? On Sunday evening we will know.

 General Index Picture by Capital.gr as of 03:00 pm:

Just a few 24 hours before the crucial election on Sunday, the General Index of Athens Stock Exchange is rising above 500 units, boosted by the upward reaction of the banks, but also by the buying interest manifested in non-bank securities FTSE20.According to Beta Securities, moderate optimism regarding the formation of a pro-bailout government after the Sunday election has begun to settle among local investors, with the Greek bourse posting notable gains on Wednesday.

“However we anticipate a more volatile session today as foreign markets will evaluate the downgrade of Spain from Moody’s keeping at the same time a “stand by stance” as we reach to the day of the Greek elections” said Beta.

On the board, the General Index stands at 519.12 points up 3.64%. Moving upward from the opening of trading, was climbing 3.96% earlier.

The banking index which was earlier rising 9.47%, is climbing now 8.46% at 197.09 points.

So far the trading volume reaches 15.6 million units worth 12.3 million euros, while 69 stocks rise, 6 decline and  6 remain unchanged. (capital.gr)

PS What makes markets to support political parties that brought the country to this economic crisis and refrained from implementing the MoU is to me personally an unexplained phenomenon.

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  1. -PS What makes markets to support political parties that brought the country to this economic crisis and refrained from implementing the MoU is to me personally an unexplained phenomenon.-

    Only banks have the money to do this.

  2. looks like the measures will get a little less heavierhttp://www.zeit.de/wirtschaft/2012-06/griechenland-sparpolitk-bedingungen

  3. keeptalkinggreece

    ‘calculated risk promises’ in case Tsipras wins elections – or in order not too..

  4. The Greek Stock Market finished up with a 10% gain today which is rather insane in my opinion.


    Though the speculation may be right, it seems Greeks care more about saving their ‘Ponzi scheme’ pensions then achieving everlasting freedom from debt enslavement. If there is going to be a revolution in Greece, it will be the young people who initiate it, as the older generation are gripped in fear and believe staying in the eurozone and harsh austerity is the only way to protect their pensions/savings.

    Even with austerity, their ‘fiat money’ pensions are doomed to failure so they might as well get used to protesting now instead of dragging this mess out.

    The Drachma is coming.

  5. First, thank you very much for this website. As a market participant very interested in Greece, I find it useful and substantive. Second, to your question in the PS about markets supporting ND, there’s a saying in English, “Better the devil you know.” In other words, yes, ND and Pasok took the country to this point, but Syriza is a huge unknown for international investors. In financial hubs they seem radical and intent on a path that will force Greece out of the eurozone. Whether that’s true or not, they are seen as a bigger risk because there is more uncertainty about them. People in the markets feel the Troika can probably work with ND and renegotiate without breaking up the Eurozone.

  6. keeptalkinggreece

    thank you, much appreciated. This ‘psychological’ approach coincides with what another marketer told me via e-mail ‘better the devil you know’.

  7. And it is to be understood that almost all investors and “marketers” are going to be burnt badly in the coming years ahead. The global economy is in it’s dying breaths and each year things become progressively worse on a global scale. What we are seeing now is the end of capitalism and the end of the debt supercycle. These investors who “prop up” the Greece Stock Exchange only care about their own greed and money, they do not care at all for the average Greek. Do not for one second think that investors are intelligent or know what’s best for the future of Greece. They are all part of the same that created this problem.

  8. Banks have full control over ND and Pasok and less control over Syriza, I think.

  9. This is an obvious tactic to try and pursuade the Greeks to vote “correctly” again. It is not that difficult to massage the stock market results and figures, and if it’s in the interest of the stock market…
    the message here is clear: “Dear people of Greece, if the markets trust an expected return of ND/PASOK, what could possibly be wrong with voting them in again?”

    The people of Greece would do well to look back over the last 2 years, to take a good hard look at the latest unemployment figures, and remember who broguht them to this point. And then ask the question again. “What could be wrong with voting ND/PASOK in again?”

  10. “yes, ND and Pasok took the country to this point, but Syriza is a huge unknown for international investors.”

    Might as well try the unknown devil because, you know who got you to the point of people committing suicide, because they have no hope. “Investors” are people with excess money to play with, when you have trouble buying food for your family you are not buying banking stocks.

  11. He he, he…. Tsipras is a young fool who has been trying to sell a fantasy to the Greeks. His arrogant bluff has been called … he said: ““If they say ‘no’ to everything, it means that they want the end of the Greek people and the euro,” he said and warned that “if Greece’s doesn’t get its next loan instalment, the eurozone will collapse the next day.”” … Well, today, the bankers gave their answer: “Oh no it wont!” basically the central banks will flood the zone if Tsipras wins, making the Greek-getting-kicked-out-of-the-euro less traumatic for anyone but the Greeks. They will coordinate action so bank runs in Greece dont bring down others.

    The EU can survive Greece getting kicked out of the Euro. Greece … not so much.

    If Tsipras wins, the fantasy that he can actually improve on the bailout (or reject its terms and stay in the euro) will expire within days. Either Tsipras will have to recant his entire campaign or Greece will collapse, (probably BOTH), as the international community will have no confidence in a communist fool who promises the impossible.

    It’s hilarious to see the comments that are anti-ND/PASOK, as if putting an inexperienced politician pushing the very failed policies of the past that created this situation in there will solve anything. ND has a realistic plan and path forward. Reality isnt pretty, but its the best choice.

  12. How on earth can you be so monumentiously ignorant as to suggest that the “policies of the past that created this situation” are SYRIZA policies? Who implemented policy for the last 30 years or so?

  13. Just in case you missed it, in another article highlighted on this excellent forum a GERMAN EU OFFICIAL is quoted as staating
    “This is a very bitter election for the Greek people. They are being asked to support the old guard that got them into this mess.”

    Read again, “They are being asked to support the old guard that got them into this mess.”

    I somehow don’t think he is referring to SYRIZA, do you?

  14. Let me know when you wake up and smell the coffee Patrick. There is no realistic plan for the future as all countries are on the same path that Greece is. Money printing and bailouts do not stop recessions, they merely save the rich whilst the poor are forced to suffer more and more until they can be bled no more. Worldwide poverty rates are rising, we know this to be true, whilst the very rich keep getting richer. The Eurozone is like a slow sinking Titanic ship. Greece just happens to be the country that will fall into the water first, eventually followed by Spain, Portugal, Italy and the rest of them. By 2017 the ship that is the Eurozone will be well and truly sunk.

    The global economy as we have today is based on the principles of infinite growth, corruption and greed in a finite world. As more ships begin to sink, they who control us and manage our money can try to plug in all the holes the best they can, but eventually someone will have to come up with a new theory of economics that isn’t based on greed, power and corruption. If that doesn’t happen, then I’m afraid humanity along with it’s power hungry controllers will be directing us back into the dark age.

  15. The people that invest probably know the polls show SYRIZA way behind in second or third place. That’s why the markets rallied.

  16. SYRIZA may not have been in power at that time, but now that those policies are being removed SYRIZA has come out in support of the maintenance and upholding of them. They are in reality the party of NO CHANGE.

  17. keeptalkinggreece


  18. Really? Which policies are being removed? Perhaps you mean all the private sector shops that have gone bankrupt, or the massive cuts in pensions and wages? Or maybe the future privatisation of water and electricity and railways — that will leave us with massive bills to pay. Or perhaps the sell-off of Greek assets to German businesses, who will then screw Greek people with monopoly pricing?

    The strange thing is that some people are stupid enough to think that the Troika actually has a serious plan of reform for Greece, when all they have is a serious plan of how to save European banks.

  19. I love it. Banks use their bailout money to produce fantasy figures to con the markets into thinking all is well and rosy in Greece. Are we having a Monthy Python evening tonight?

  20. keeptalkinggreece

    yes we do. we live in a surreal world anyway.