Greek stocks posted slight gains Tuesday but ended below 1,320 points after failing to hold on to early gains.
STOCKS
With gains of 40% this year and 65% overall since its rally began in September 2022, the Athens Stock Exchange, at a nine-year high, is one of the top performers internationally.
The Athens Stock Exchange once again posted very slight gains, but at least the general index reversed four weeks of losses, posting a nearly 3% rise for the week.
The Athens Stock Exchange rose slightly on Thursday but could not scramble above 1,300 points, a level it has found difficult to sustain.
The stock market could not hold on to early gains Wednesday after deteriorating Purchase Managers’ Index (PMI) numbers soured the mood in European markets.
A favorable climate in European markets and investor interest in banks and several blue chips helped the Athens Stock Exchange return to the 1,300-point level on Tuesday.
The Athens stock market rebounded strongly Monday, on the back of bank shares’ performance and positions on other blue chips.
The stock market faced a selling wave among heightened concern about the Chinese economy and fears that interest rates will stay high in both Europe and the US for some time.
For the second session in a row, the Athens Stock Exchange posted mild gains on Thursday, with investors being very selective with their picks, consistent with the prevailing nervousness in global markets.
The Athens Stock Exchange closed with mild gains of 0.9% on Wednesday, ending a run of three negative sessions.
Negative sentiment in European markets and investors locking in short-term gains led the Greek stock market to drop for a third successive week on Friday.
A subdued session saw Greek stocks decline slightly on Thursday, in contrast to the gains in other European markets.
The Athens Stock Exchange posted mild gains on low turnover Wednesday, but underperformed European markets, which bounced bank after the Italian government watered down a plan for a windfall tax on banks.
The unexpected move by Italy’s government to slap a windfall tax on local banks and Moody’s downgrading of certain US banks affected European stock markets negatively on Tuesday, leading investors to sell shares and turn to government bonds. Athens followed.
The Athens Stock Exchange posted minimal gains, with the positive news of the upgrading of Greece’s debt by Scope Ratings balanced by the negative climate in other European markets.
The Athens Stock Exchange posted mild gains on low turnover Friday without venturing into negative territory. However, it ended lower for the week for a second consecutive time.
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