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The Greek stock market appears determined to stretch its November momentum through to the end of the month, as it enjoyed significant gains on Thursday that took its benchmark to a new eight-month high.
The Athens Exchange (ATHEX) general index ended at 726.92 points, adding 3.08% to Wednesday's 705.21 points. The large-cap FTSE 25 index expanded 3.34% to close at 1,725.52 points.
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%.
The Greek securities markets are showing a shift from stocks to bonds, as confidence in the state's solvency is growing while the private sector is facing multiple problems. On the same day the benchmark of Athinon Avenue suffered minor losses and banks dipped to new lows, the Greek 10-year bond continued its rally, with its yield dropping to 1.73% on Thursday.
Bank stocks led the Greek bourse to a day of healthy gains, with the benchmark climbing above the 610-point mark, although daily turnover still left much to be desired. After Thursday's European Union summit, traders are anticipating Friday's verdict on the Greek economy by Standard & Poor's and DBRS Morningstar.
The benchmark of the Greek bourse came off last Friday's five-year highs on Monday as the market appeared to be keeping some cash aside for the upcoming 15-year Greek government bond issue. International pressure on stocks from the Chinese coronavirus played a part too, while the Greek economy's upgrade by Fitch had already been priced in last week.