Fourlis

For a second day in a row the Greek bourse benchmark continued its recovery without the support of bank stocks on Wednesday, although mid-session gains had shrunk by the end of what was a fairly slow day.

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 fifth consecutive session of moderate growth for the Greek bourse saw the benchmark advance to a new five-year high, as it climbed to levels unseen since December 2014.

With only one short session left till the end of the year - as stock trading will cease two hours early on Tuesday - the benchmark at Athinon Avenue remained on Monday close to the near-five-year highs registered on Friday.

Developments in the banking sector, mainly regarding nonperforming loans, gave bank stocks at Athinon Avenue a significant boost on Tuesday as buyers made a comeback, bolstering the bourse benchmark in the process and taking daily turnover back above the 50-million-euro level.

Participants in the Greek stock market were on Friday waiting for Greece's sovereign credit rating to be upgraded by Standard & Poor's late in the night, not to mention the upcoming national holiday on Monday, and most stocks saw little change in thin trade. The benchmark came off the day's lows to close with minor losses.

The banks index at Athinon Avenue on Thursday came off Wednesday's 14-month highs, but the closing auctions served to ensure the benchmark ended in the black despite losing stocks' clear lead over the climbers. The market appears to have already factored in a credit rating upgrade expected on Friday night by Standard & Poor's.

September ended with marginal monthly gains (0.04 percent) for the benchmark of the Greek stock market, which eased on Monday due to pressures mainly on non-bank blue chips. Following the conclusion of the publication of listed firms' first-half results, it has become evident that the improvement has only been moderate, despite investors' enthusiasm after late May.

Greece's bourse index came down from a six-week high to record moderate losses on Tuesday, but listed companies are mainly focused on the two-day London roadshow they are launching on Wednesday, with the participation of Finance Minister Christos Staikouras on Thursday. That may also explain the fresh slump in turnover on Tuesday.

The Greek stock market recovered somewhat on Wednesday after three days of losses thanks to a buying spree during the closing auctions that took the main indexes to the day's high amid a positive mood in most foreign markets.