The Athens Stock Exchange reversed its recent upward trajectory on Thursday, unable to sustain the momentum that had pushed the benchmark index to its highest level in 11 months.
Despite an initially positive start to the session and a brief test of the 2,650-point threshold, selling pressure quickly overwhelmed buying interest, preventing long positions from capitalizing on the earlier strength.
The retreat marks a pause in the rally that had been fueled by rising energy prices and geopolitical tensions in the Middle East.
Brent crude oil, which has been a key driver for Greek energy stocks like Metlen Energy & Metals, remains near elevated levels, but the broader market sentiment appears to be cooling as traders take profits after the recent surge.
This development follows a period of heightened volatility in European markets, where investors have been balancing optimism over corporate earnings against concerns about persistent inflation and geopolitical risks.
The Greek market's pullback reflects a broader caution among traders who are wary of chasing rallies in an uncertain macroeconomic environment.