Tuesday was a day of healthy gains on the Greek stock market, reminiscent of the sessions of high growth in the first couple of months of 2023.
STOCKS
The Greek stock market opened the week with a 2.1% decline in Monday’s first few minutes, as a result of the shocking news of Credit Suisse’s demise and takeover by fellow Swiss lender UBS, but stocks gradually began to recover and swung back into the black as the session progressed to close with moderate gains in their majority.
Friday’s session at the Greek bourse proved to be a bull trap, as after the halfway point the early gains swung to losses and the majority of stocks closed the week with a significant drop.
No one can claim they got bored watching Thursday’s bourse session at Athinon Avenue, as after the 4.55% slump on Wednesday, the fastest in nine months, buyers returned in force on Thursday morning boosted by the central bank’s support for Credit Suisse.
Piraeus Securities topped the list of the most active securities firms on the Athens Stock Exchange in February, with a market share of 21.94% of transactions.
The reaction of Greek stocks to several days of decline, which had even put the benchmark’s grip on the 1,000-point mark at risk, finally arrived on Tuesday.
The Greek banking sector reacted to the huge external pressure from the closure of two lenders in the United States.
The rising sequence of 11 weeks came to an emphatic end on Friday, with the Greek bourse benchmark this week losing a significant portion of the ground gained over the last month.
The rebound expected on Thursday at the Greek stock market, following five consecutive days of decline, did materialize, but the benchmark closed some way from its day-highs.
The Greek bourse appears to have stemmed the outflow of funds seen at the start of the week and is preparing for its next move upward, after another session – on Wednesday – where blue chips rebounded with the exception of banks.
The Greek stock market came off the day’s lows on Tuesday to contain its losses as a number of blue chips reacted after Monday’s plunge to avoid a further decline that could have even put the 1,000-point level at risk for the market’s benchmark.
Investor concern about a shift in local politics that may increase the election risk for the government, due to the railway tragedy at Tempe, led on Monday to the biggest daily decline in seven months for the main index at Athinon Avenue.
Friday’s minor losses for the Athens benchmark were not enough to prevent it from registering an 11th consecutive week of growth, a feat last accomplished over 18 years ago.
The Greek stock market came off Wednesday’s 101-month high to see its benchmark post a notable decline that was eventually smaller than its mid-session losses on Thursday.
After a day of high volatility in the Greek stock market, the first session of March ended with more gains for the benchmark though not for the majority of stocks.
Motor Oil dominated proceedings upon the resumption of trading at Athinon Avenue on Tuesday after the long weekend.
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