The downbeat mood in the rest of Europe and the US, and the freezing weather in Athens offered buyers a break at the Greek stock market on Monday.
STOCKS
The constant ascent of the Greek bourse benchmark to new eight-year highs continued on Friday, at the end of another week of gains, the seventh in a row.
The US Fed and European Central Bank rate hikes went largely according to expectations, so eurozone stock markets, including Greece’s, proceeded smoothly on Thursday with sessions of mild gains.
Banks supported the fresh increase of the Greek bourse benchmark to another eight-year high on Wednesday, as the trend of the local market remains upward in spite of the odd case of cashing in the significant gains of the last few weeks.
January ended at the Greek stock market with 10.01% growth for the main index, after it suffered a minor decline on Tuesday in a mixed session.
The rather unexpected upgrading of Greece’s credit rating by Fitch last Friday gave an extra push to the Greek stock market on Monday, with the benchmark reaching levels unseen since early December 2014.
Non-bank blue chips outperformed on Friday at the Greek stock market to take the benchmark to yet another eight-year high, with the wave of stock buying that started in late December continuing unabated.
The Greek bourse benchmark’s third effort to clear the 1,000-point bar proved successful at Thursday’s closing, as the local market has finally captured the milestone that had proved elusive for more than eight years.
Unfazed by political developments in Parliament, the Greek stock market held its ground on Wednesday after its benchmark temporarily climbed above 1,000 points again.
Athinon Avenue saw its benchmark temporarily rise above the 1,000-point mark, but it eventually had to settle for small losses as the recent rise to an eight-year high has not had its fair share of profit-taking yet.
The benchmark of the Greek stock market took another leap on Monday to get closer to the psychologically significant 1,000-point mark, as bank stocks led the bourse index to a new eight-year high.
After a day’s respite, the Greek stock market returned to its upward course on Friday, with the benchmark covering some of its Thursday losses on its way toward the 1,000-point mark.
The main index at Athinon Avenue came off its eight-year peak on Thursday with a significant drop that bore the marks of profit-taking, but with a significant trading volume that showed interest remains considerable in the local bourse.
State asset utilization fund TAIPED aspires to have Athens International Airport’s stock listed in Athinon Avenue in the first half of the year, at a valuation that ranges between 2.7 and 3.3 billion euros, depending on market conditions, TAIPED Managing Director Dimitris Politis told Bloomberg on Wednesday.
The constant march higher of Greek stocks continued on Wednesday, on a considerably increased turnover thanks to a number of business deals that not only increased the trading volume but also further fed the optimism among investors for medium-term gains.
Greek stocks maintained their growth momentum for another day on Tuesday, despite the attention the issue of the 10-year sovereign bond commanded, with the main index climbing to another eight-year high.
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