Athens Exchange

The benchmark of the Greek stock market ended the week at its lowest level since Christmas, with traders remaining reserved about the course of the economy as the pandemic continues to break one record after another internationally.

Just like in Tuesday's session, stocks started with gains at Athinon Avenue on Thursday but eventually had to settle for losses. Despite the positive start on Wall Street, the closing auctions at the same time in Athens took the main index lower, beyond -1%, on increased turnover.

After heading south in the previous three sessions, Greek stocks in Athens reversed course on Wednesday, with most ending up in the black and the benchmark reclaiming the 800-point level it had lost on Tuesday. The expected reopening of the retail market is seen as a catalyst for some short-term gains in the coming days.

The Greek bourse began the day on an upward course on Tuesday, but as the session went on it started losing steam and eventually settled for moderate losses for the benchmark. It ended up below the 800-point mark for the first time in more than two weeks.

The benchmark of the Greek stock market narrowly managed to avoid dropping below the 800-point mark on Monday as investors indulged in profit taking following the recent gains enjoyed by most stocks. All but two blue chips suffered losses, led by banks, in line with most other European markets.

The first trading week of the year ended with the benchmark up 1.27% after a rather forgettable session on Friday that left the index virtually unchanged while bank stocks continued their slide for the third day in a row.

The Greek stock market picked up the pace again on Thursday, with the benchmark gaining ground on increased turnover, although banks tipped the balance between winners and losers in favor of those that headed lower. Energy stocks are showing notable resilience, which in the view of investors points to a positive outlook for the economy in general.

Athinon Avenue eased off Monday's 11-month highs on Tuesday, with the benchmark dropping just over 1% on lower trading volume than on Monday. Banks headed south, but energy stocks mostly headed higher again. Observers consider this cashing in of recent gains quite predictable.

The conversion of Piraeus Bank's contingent convertible bonds (CoCos) into shares will be at a price of 6 euros per share, Kathimerini understands.

This is going to cost the Hellenic Financial Stability Fund, the lender's majority shareholder, some €1.5 billion, according to sources.

The Greek bourse hit the ground running on the first trading day of 2021 on Monday, with prices growing as the session progressed and the closing auctions taking the benchmark above 820 points for the first time in almost 11 months. This time it was mainly energy stocks and other non-bank blue chips that led the index higher.