The benchmark at Athinon Avenue made it 13 sessions of growth in a row on Tuesday, climbing to a new nine-month high and starting to flirt with the 800-point level. Observers keep speaking of expected profit-taking, but buyers have made it clear they still haven't had their fill of local stocks yet.
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 small gains secured on Monday by the ATHEX benchmark sufficed for it to clear the 700-point bar for the second time within the space of just a few days, in a session dominated by announcements about the Aegean Air share capital increase and the JP Morgan report that contained previous estimates of a stock price rise.
After a session of ups and downs, buyers retained the upper hand in the closing auctions at the Greek stock market on Friday and pushed the benchmark into the black after three consecutive days of losses.
The Athens Exchange (ATHEX) general index ended at 646.80 points, adding 0.29% to Thursday's 644.90 points. On a weekly basis it declined 5.36%.
Increasing pessimism on the coronavirus pandemic's impact on the economy weighed heavily on most blue chips at Athinon Avenue on Monday, including banks, with the benchmark only just remaining above the 600-point level. Prices also suffered pressure from some negative results issued by listed companies over the last few days.
The benchmark of the Greek stock market rose to a seven-week high on Tuesday as it continued its recovery in tandem with the easing of restrictions on economic activity announced. It appears the market will continue to ebb and flow according to the course of the pandemic even after the end of the lockdown next week.
The Greek stock market returned to action after four days of recess with strong gains for most stocks on Tuesday on optimism that the worst of the coronavirus pandemic in Europe is over and oil prices will revert to stability after the recent agreement between oil-producing states. The late surge was bolstered by news that Greece is planning to tap the markets.
The European Central Bank decision to lift its 33 percent limit on euro area government bond purchases gave Greek stocks a second consecutive day of healthy gains on Thursday. The bourse saw its capitalization grow by 2.5 billion euros over those two sessions, with credit sector stocks playing a major role in that advance.