: Greek stocks surge after commanding victory by conservatives

May 22, 2023

Greek stocks surged on Monday after an unexpectedly easy victory for the ruling conservative party.

The Greek Athex Composite
GD,
+6.84%
jumped nearly 7% in opening trading, following the landslide victory of the conservative party led by Prime Minister Kyriakos Mitsotakis.

New Democracy was leading the left-leaning Syriza party by over 20 percentage points. Even so, it doesn’t look like it will have an outright majority, though the winning party under Greek rules gets bonus seats in a second election, which is likely to be held in either late June or early July.

The victory was unexpectedly large following a railway disaster and a wiretap scandal.

The yield on the 10-year Greek government bond
TMBMKGR-10Y,
3.839%
fell 6 basis points to 3.94%.

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