Another week of gains ended on Friday at Athinon Avenue, to make it 10 rising weeks in a row – a sequence unseen in over 18 years.
STOCKS
The Greek stock market immediately rebounded on Thursday after Wednesday’s sharp decline, recovering almost all of those losses and proving that the growth momentum is nowhere near over yet.
The long-anticipated profit-taking after the last few weeks’ major gains at the Greek stock market finally materialized on Wednesday, which came off Monday’s eight-year high with a significant decline.
A number of blue chips slid on Tuesday, following the hefty gains of previous days, but without having a major impact on the benchmark at Athinon Avenue, which posted only minimal losses thanks to the indomitable banks index as well as the support from the market’s biggest stock in terms of capitalization, Coca-Cola HBC.
The apparently endless upward momentum of the Greek stock market continued unabated on Monday with price growth gathering more strength as the day went along.
After many years in the shadows, the Greek stock market has suddenly started to draw interest again.
The Greek stock market’s benchmark on Friday made the leap it had been widely expected to make and passed the 1,100-point mark at the end of yet another week of gains – the ninth in a row, in an upward sequence unseen since 2005.
On a day when rising stocks at Athinon Avenue outnumbered the losers by a ratio of three to two, the benchmark at the Greek bourse closed with minor losses following a session that saw plenty of action.
Wednesday’s mixed session at the Greek stock market left the benchmark with negligible losses following a considerable rising streak, and the majority of stocks with gains.
The benchmark of the Greek stock market somehow avoided posting a loss on Tuesday, as a few blue chips managed to lift it out of the red and into the black for yet another day, taking it to a fresh 101-month high.
The growing anticipation of a major credit rating upgrade that will bring Greece back to investment grade, possibly within two months, and the positive estimates by the European Commission regarding the course of the Greek and eurozone economies this year, released on Monday, gave the prices of Greek stocks a fresh boost.
The stock market has already begun to price in a decision by credit rating firms to offer the Greek economy investment grade, a prospect that is fueling a buying spree on the Athens Stock Exchange.
The main index of the Greek stock market closed the week with significant gains, in excess of 3%, despite the profit taking that on Friday saw its benchmark come off Thursday’s eight-year high.
With the positive course of stock prices continuing in Athens and the closure of the Istanbul stock market until next Tuesday, Athinon Avenue is growing stronger by the day.
Thursday’s announcement of the MSCI index restructuring and rumors from abroad about certain funds shifting from the Istanbul bourse to the Athens Stock Exchange came on top of anticipation of new mergers and acquisitions in the local market on Wednesday, further boosting the Greek benchmark.
One hundred months: That is how long it has taken the Greek bourse benchmark to return to the right side of the 1,040-point mark, as on Tuesday it enjoyed further gains that brought it to highs unseen since early October 2014.
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