Friday, June 21 2024

Mitsotakis seeks second vote after the election win while Greek stocks and bonds rally after the result

hellenic stock market
Despite winning Sunday’s vote, with a vast majority, the ruling party New Democracy and Kyriakos Mitsotakis fell short of winning an absolute majority. However, the election's result had a clear positive result upon the Greek Stock Market.
Greek Prime Minister Kyriakos Mitsotakis said he would not form a coalition government after his centre-right party won Sunday’s election but fell short of securing a majority.
Mitsotakis now hopes for a new election on June 25, after President Katerina Sakellaropoulou formally offered him an opportunity to form a coalition under the constitution.
New Democracy party and Kyriakos Mitsotakis won more than 20% more votes than their opponent SYRIZA and Alexis Tsipras, however, they didn't managed to get the autonomy of 151 seats - they got 146 - required under the new system, so most probably they will be a second round on June 25.
In the meantime, Greek stocks and government bonds rallied today Monday after the conservative government of PM Kyriakos Mitsotakis secured a stunning victory in the elections.
The Athens Stock Exchange General Index rose as much as 7.3% in trading on Monday, extending its 2023 gains by more than 30%.
At 11:50 am local time, the Index stood at 1,213 points. The last time the market was at the 1,200 level was in the session of July 28, 2014!