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.
The main index of the Greek stock market continued to slide for a fourth consecutive day on Thursday, though not as dramatically as Wednesday's 3 percent drop. The morning's brief reaction to three days of losses gave way to another selling spree later in the day, leading the benchmark close to the 820-point mark.
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.
The benchmark of the Greek bourse jumped 20 points on Thursday after a sudden buying spree by traders that saw banks earn almost 4 percent. The favorable climate on foreign markets and the continuing decline of Greek bond yields appear to have convinced investors to buy back into local stocks again.
The MSCI Standard Greece index rebalancing, with the return to its ranks of National Bank, and the continued euphoria from political developments in Athens saw the Greek bourse extend its gains on Tuesday and double Monday's daily turnover, as positive reviews from foreign firms and agencies poured in following the announcement of a snap election.
The closing auctions determined the hue of the indexes at the Greek stock market on Thursday, securing some gains for the benchmark, blue chips and banks, while the mid-cap index closed without a change. There was notable growth in early trade, but those gains evaporated later on before the auctions pushed the majority of stocks back into positive territory.