ADMIE Holdings

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.

Traders' reaction on Tuesday to two sessions of significant losses for stocks was encouraging for the benchmark and blue chips, but rather disappointing in terms of turnover. The market appears to be waiting for Moody's verdict on the economy on Friday.

April ended at the Greek stock market on Thursday with some profit taking by traders who cashed in on this week's rise by specific stocks such as banks. Despite that daily drop, April closed with a 12.54 percent advance for the benchmark, to become the first month this year with an increase for the bourse.

The slowdown in the onslaught of the coronavirus in Greece and the rest of Europe, according to the statistics of the last few days, and the hopes for a rebound at the oversold Greek market sent stocks soaring at Athinon Avenue on Monday by the highest daily rate recorded since 2015.

Buyers and sellers were neck and neck over the course of the last trading session of the week, but eventually the benchmark ended with minor gains, marking its fourth rising session in a row, on increased turnover boosted by prearranged packages.

The benchmark at Athinon Avenue proved unable to hold on to most of the gains it had recorded during the day on Wednesday, in line with the majority of other eurozone bourses. It presented a mixed picture at the end of the session, with rising stocks narrowly edging out the losers on a day when the bond market dominated investor interest.

The Greek stock market followed the trend set by most eurozone bourses and continued its southbound course at the start of the week. This was despite the drop of the benchmark 10-year bond's yield close to 1 percent.

After six straight days of losses Greek stocks rebounded on Tuesday with non-banking blue chips showing the way for the rest of the market on rather satisfactory turnover. The rest of the week will reveal whether this was a mere reaction to the long period of decline or if the benchmark has bottomed out in terms of coronavirus worries.

The bond issue on Tuesday and Wednesday's T-bill auction appeared to have wrung investors dry at Athinon Avenue, as Wednesday's stock session - which resulted in more winners than losers while the benchmark inched lower - had the lowest turnover of the last 76 trading days.

Despite the slight drop of the banks index on Wednesday, the benchmark and the majority of stocks on the Greek bourse continued their rise, led by mid-caps, albeit at a slower pace than in previous days. This has taken the main index to another five-year record high after the seventh straight day of gains.