Greek market rallies after snap elections declared by Tsipras

27 May 2019

The market reacted positively to the announcement of early elections due to the historic victory of New Democracy with a difference of 9.5 points against SYRIZA on Sunday’s European Parliament elections.

The Greek stock market rallied, and especially banks, after the historic outcome of Sunday’s European elections which saw conservative party New Democracy trounce leftist SYRIZA. The market opened upward with gains of 5.8%. The General Index is already moving at 770.25 points, recording an increase of 5.22%.

The domestic market hopes the economy, and especially the banks acquire a positive investment grade thus boosting the Greek economy. During this time, which the opposition estimates will take 18 months, both banks and businesses will also benefit.

Over the following period, foreign international houses are expected to upgrade the Greek economy, while investors shorting Greek bonds will be called on by their firm managers to explain how they will manage their portfolios.

Bank shares rallied, with Piraeus bank recording a 21% rise trading at 2.096 euros, while Alpha Bank also saw an 8.5% increase at 1.38 euros.

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