OpenCalais Metadata: Ticker
Stocks in Athens resisted pressures and continued their upward trajectory on Monday, with banks getting the credit for grabbing investors' attention and leading the benchmark higher, although turnover remained below the 50-million-euro mark. Traders appear to be pricing in a likely Greek credit rating upgrade this Friday by Standard & Poor's.
The prospect of Greece reopening its 10-year bond issued in March appeared to have seized the attention of most traders on the Greek stock market on Monday, with observers getting the distinct impression they were saving their cash for the reissue that is expected to fetch 1.5 billion euros on Tuesday.
Stocks continued to decline on Tuesday at Athinon Avenue, as pressure grew, mainly on bank stocks, before easing during the closing auctions.
The Athens Exchange (ATHEX) general index ended at 861.50 points, shedding 0.80 percent from Monday's 868.42 points. The large-cap FTSE 25 index contracted 0.79 percent to 2,139.95 points, while small-caps increased 0.22 percent.
Unimpressed by the announcements of European Central Bank President Mario Draghi, traders on the Greek bourse put fresh pressure on stock prices on Thursday, with banks ending the rising course observed over the previous couple of days, in line with most other European markets. The local market appears unhappy with the various announcements about share capital increases.
The rise recorded by Greek bank stocks on Wednesday was largely offset by the decline of most non-bank blue chips, leaving the benchmark of the Athens bourse virtually unchanged and the stock board split between winners and losers. However, market observers were quite encouraged by the improvement in trading volume.
MSCI will publish its quarterly review of its market indices on Wednesday and analysts said there could be some surprises regarding the composition of the MSCI Greece index.
Last year, MSCI had added Motor Oil.
Last March, investment firm VTB Capital had said MSCI could add Mytilineos Holdings, the energy and metals conglomerate, if its stock price rose by 19-22 percent.