GEK Terna

Unfazed by news of a German recession and a US credit default threat, the Greek stock market reverted to its upward trajectory on remarkable trading volume on Thursday, recapturing the 1,200-point level, with the help of growth in bank stocks. The universally positive first-quarter results of listed companies also contributed to the price growth.

Bank stocks once again pulled the index of the Greek bourse higher on Tuesday, even though mid-caps and the majority of stocks suffered losses at the end of a session dominated by selective moves by traders. This sixth consecutive day of growth for the market's benchmark took the latter to its highest level since early March.

The week at the Greek stock market began in the same way it had closed on Friday, with healthy gains for the majority of stocks driven by the growth registered by banks stocks.

Athinon Avenue returned to action on Tuesday after a four-day recess and rewarded those anticipating its reopening with a wholesome session of growth that boosted the benchmark by over 1.7% and pushed daily turnover above 100 million euros. However, the main index once again proved not ready to clear the 1,100-point bar.

Mid- and small-caps on Wednesday served to maintain the upward trajectory of the Greek bourse benchmark, which completed its sixth consecutive session of expansion, albeit marginally, despite blue chips and bank stocks heading south.

Tuesday was a day of healthy gains on the Greek stock market, reminiscent of the sessions of high growth in the first couple of months of 2023. Assurances by domestic and foreign experts over the strength of the local credit system offered a major boost to bank stocks that led blue chips to a significant rebound.

The rebound expected on Thursday at the Greek stock market, following five consecutive days of decline, did materialize, but the benchmark closed some way from its day-highs.

After a day's respite, the Greek stock market returned to its upward course on Friday, with the benchmark covering some of its Thursday losses on its way toward the 1,000-point mark.

The main index at Athinon Avenue came off its eight-year peak on Thursday with a significant drop that bore the marks of profit-taking, but with a significant trading volume that showed interest remains considerable in the local bourse. This was only the second session of decline for the benchmark of the local stock market since the start of the year.

The constant march higher of Greek stocks continued on Wednesday, on a considerably increased turnover thanks to a number of business deals that not only increased the trading volume but also further fed the optimism among investors for medium-term gains. More than half of the day's turnover took place during the closing auctions.