Athens Exchange

The fourth consecutive day of gains at the Athens bourse gave the the benchmark its biggest advance as it climbed close to the 800-point mark, in line with most other markets that were open on Monday. Turnover topped 50 million euros despite the fact that major markets such as those of the US, Hong Kong and China were closed due to holidays.

The Chief Executive of Greece's bank bailout fund (HFSF), Martin Czurda, submitted his resignation on Monday, after a little more than three years at the post.

The reasons behind the Austrian's resignation were not mentioned, but sources attribute it to his poor relations with the government.

The Greek bourse benchmark edged up again on Friday after a mixed session with reduced activity, as bank stocks continued their ascent.

The only way was up on Thursday for most banks after Wednesday's decline, with the credit sector (although not Piraeus Bank) carrying the rest of the stock market to significant gains - albeit not as impressive as some highs recorded during the course of the session. Turnover also headed higher - another encouraging sign.

Despite the significant decline of the banks index, other stocks at Athinon Avenue welcomed back buyers on Wednesday, with trading volume remaining just above the 50-million-euro mark after the MSCI index restructuring produced no surprises for listed companies. A bank rebound could fuel a further rise over the rest of the week.

The prospect of a new Attica lockdown sent the Greek bourse tumbling on Tuesday, with severe losses for banks and the majority of other stocks also heading south, erasing the gains of previous days. All but two blue chips headed lower, but the decline is seen as temporary and not structural.

A Finance Ministry bill that changes the founding charter of the Hellenic Financial Stability Fund (HFSF), set up in 2010, is opening the way for the participation of the fund in the share capital increases of banks up to the stake it already owns.

Greece's stock market matched the picture on most other eurozone bourses on Monday with gains secured on relatively thin trade. The Greek market will try to benefit from the desire of certain investors to take some calculated risks as Europe tries to emerge from the health crisis and Italy is close to forming a new government.

The Greek bourse only held on to a fraction of its early gains on Friday, but that was enough to break its three-week losing streak and ensure this week came to a positive conclusion.

The Greek stock market's lowest trading volume of the last 13 sessions saw the benchmark suffer moderate losses on Thursday after three days of gains, as traders again appear reluctant to commit themselves to purchases until the picture regarding the coronavirus tempest clears.