The stock market's reaction after three days of losses proved half-hearted on Tuesday, as the early recovery was contained later on, with most bank stocks posting losses. Some traders will have decided to save some of their liquidity for the new 10-year bond issue, which Greece announced on Tuesday halfway through the trading session.
The Greek stock market reversed its morning losses to end the day with some gains in the face of a mixed picture in European markets due to the Brexit-related turbulence. Foreign portfolios continue to take an interest in local stocks - after the net inflow of 14.7 million euros last month - with blue chips rebounding and trading volume topping €150 million.
November may have been the month of the second lockdown, but it was also the month of the Greek stock market, as its benchmark rebounded 29.4% over the period and the banks index recorded a rise of almost 70% on a monthly basis. Monday's session changed little in the month's statistics, although large trading volume was observed due to index rebalancing.
The benchmark of the Greek stock market now has the 700-point level in its sights after its sixth day of gains in seven sessions. Construction blue chips led the way this time.
The Athens Exchange (ATHEX) general index ended at 658.35 points, adding 0.88% to Friday's 652.58 points. The large-cap FTSE 25 index expanded 0.52% to 1,579.70 points, while mid-caps contracted 0.25%.
Early profit-taking at Athinon Avenue gave way to a fresh wave of buying later on Thursday - although banks appeared to have fallen out of favor - taking the benchmark higher for the fifth session in a row. The market is now confidently looking toward more growth, boosted also by the significant increase in daily trading volumes.
Despite the hour-long interruption to Tuesday's trading session due to a technical failure, bank stocks staged an impressive rebound of more than 12%, taking the benchmark at Athinon Avenue to fresh gains. The international climate continues to improve as hopes for a coronavirus vaccine keep growing, helping turnover in the local market to recover.
Bank stocks came under fresh pressure on Thursday, with the benchmark yielding more ground at the close despite spending some time in the black during the day. Global pessimism regarding the economy and the World Health Organization's statement that the coronavirus may never go away weighed on most markets, with Athinon Avenue proving to be no exception.