Eurobank

Greek banks eye dividends on a par with the European average in the coming years, pointing to the high profitability fueled by higher interest rates and clearing their balance sheets of bad loans.

In anticipation of the Piraeus Bank placement next week, the Greek stock market had a rather quiet day on Friday, at the closing of another week of gains for the main index at Athinon Avenue, the sixth in a row. The blue chip index and that of banks headed lower on the day, while the majority of stocks and the mid-cap index ended up with gains.

The historic Titania Hotel, near Omonia Square in central Athens, has just changed hands: H Hotels, of the Hatzilazarou family, has spent 74 million euros on acquiring the famous unit from London and Regional in the Greek group's first acquisition outside the island of Rhodes.

February ended at the stock market with an impressive session, that extended the month's gains for the benchmark and doubled the daily turnover, due to yet another stock rebalancing. That was the fourth consecutive month of growth for the main index, which has augmented 4.19% since end-January.

Stocks at the Greek stock market continued their mild decline on Wednesday for a second session in a row, with a number of blue chips posting a decline and only a few resisting the pressure that could have brought the benchmark below the 1,400-point mark. The week continues in a quiet mode ahead of next week's expected placement of the state's 27% holding in Piraeus Bank.

Another mixed session at the Greek bourse on Tuesday had the majority of stocks and the main index lose some ground, though banks heahed the other way, as investors continue to have very selective approach to their stock moves these days.

Greek stocks showed little movement on Monday, with the benchmark and the mid-caps edging higher while banks posted a decline, on a day of significantly reduced turnover. Rising stocks narrowly outnumbered those which declined, with the market hoping for corporate news that would give it some direction.

The Greek stock market appeared to have run out of steam, with mixed results and little buying interest of note for many stocks for a second day on Thursday. Despite the rise of the banks index and mid-caps, the benchmark could not avoid posting minor losses on Thursday, though it is clear there is no intention for a move toward lower price levels.

Stocks took a dive at Athinon Avenue on Wednesday, though they had largely recovered by the close of trade.

Buyers appeared to skip most of that session, with interest focusing on the upcoming placement of the 27% stake the state still controls in Piraeus Bank, expected in the first week of March.

The Greek stock market managed on Tuesday to maintain the gains its had secured on Monday and added some more for its benchmark, which climbed to yet another 13-year record high, even though the mid-cap index and the majority of stocks headed south. The local bourse continues to show resilience and is expected to continue down the same path for the next few weeks at least.