Athens Exchange

The Greek stock market appeared on Tuesday to escape the downward spiral it has been in almost throughout this month, partly thanks to the easing of concerns internationally about a major deterioration of the crisis in the Middle East.

Another subdued session at the Greek stock market turned early gains into eventual losses on Monday. While mid-caps remained in the black and losing stocks outnumbered gainers by the smallest of margins, banks remained the weakest link, with sellers focusing on National Bank in particular. This came on the lowest daily turnover of the last 18 sessions.

The reaction of the Greek stock market on Friday to a string of sessions of decline was fairly unsatisfactory, as buyers appeared to be suffering from fatigue that the previous months' advance may have generated, without the catalyst that would trigger a rise. The market has now stagnated between 1,400 and 1,500 points for months.

A man over the age of 61 with at least a master's degree and most likely related to the company's main shareholder is the average member of the board of directors of companies listed on the Athens Stock Exchange, according to the fourth annual survey by RSM Greece.

The Greek stock market completed nine sessions of benchmark losses out of the last 10 on Thursday, with little fresh money coming in and the market being eager once again for some tangible developments such as business deals that have not already been priced in.

The Greek stock market continued to be “trapped” in a selling mood for the fourth consecutive day, with shares retreating significantly from the 1,420-point level and losing the support of 1,415 points. The share placements and capital increases by listed companies seem to be weighing on the market, at least in the short term.

Wednesday was another day of decline for the Greek bourse, led primarily by banks but spread across the board. However, a few blue chips bucked the trend and minimized the losses of the large-cap index. Liquidity in the market is clearly abundant, and turnover on the day topped 200 million euros, since traders felt they could ease off until bank stock prices return to lower levels.

FTSE Russell announced late on Tuesday it has included the Athens Stock Exchange in the shortlist for upgrading, with the aim of returning it to the category of developed markets

Greece will be added to the Watch List for a possible upgrade from "Advanced Emerging" to "Developed Market" status.

Corporate developments regarding GEK Terna and Cenergy Holdings attracted investor interest at Athinon Avenue on Tuesday, but the negative mood from the relative disappointment of world markets about the Chinese economic stimulus affected trade too. Turnover declined but still managed to make the 100-million-euro level, once again having National Bank as the protagonist of the day.

National Bank remains the focus of attention for traders at the Greek stock market, with 62% of Monday's bourse session turnover concerning the lender's stock. The rest of the market did not show any particular buying activity, and only Coca-Cola HBC helped with its large capitalization containing the decline of the benchmark on the day.