Athens Exchange

October was another month of growth for the main index of the Greek bourse, leading to gains of 1.63 percent. Almost half of that growth came through Thursday's advance, which was once again led by bank stocks. Meager though the monthly growth may seem, it has taken the benchmark's gains since the start of the year to almost 44 percent.

The closing auctions once again determined the benchmark result after another mixed session at Athinon Avenue on Wednesday. At the end of the day the main index continued its quiet advance, possibly thanks to the positive outcome of the T-bill auction too, although turnover appears to be losing steam.

The one-notch upgrading of Greece's credit rating by Standard & Poor's late last Friday translated into gains only for bank stocks, as most other listed companies saw their prices head lower in Tuesday's bourse session.

Participants in the Greek stock market were on Friday waiting for Greece's sovereign credit rating to be upgraded by Standard & Poor's late in the night, not to mention the upcoming national holiday on Monday, and most stocks saw little change in thin trade. The benchmark came off the day's lows to close with minor losses.

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 Brexit limbo that affected most eurozone stock markets on Wednesday was largely offset in Athens by optimism in the local credit sector and the continued decline of Greek bond yields, leaving the main index at Athinon Avenue largely unchanged, while the banks index climbed to levels unseen in 14 months.

The Greek bourse benchmark is steadily approaching the 900-point mark after its advance on Tuesday on considerably increased turnover, mainly thanks to the further decline of Greek bond yields ahead of anticipated credit rating upgrades.

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.

Unlike most of its eurozone counterparts, which appeared particularly nervous due to the raging international trade wars, Athinon Avenue demonstrated resilience on Friday, again edging higher, although this time turnover was in line with the weather in Athens, reminiscent of the dog days of summer. This resilience was also reflected in Greek bond yields, which dived to new historic lows.

The Greek stock market benchmark edged marginally higher again on Thursday, but the increase in turnover did not translate into a significant advance for blue chips, as their index ended up in the red. Gains for small-caps, on the other hand, led to winners surpassing the losers at the end of the session.