Athens Exchange

The S&P analysis on the banks sector, reporting that the progress recorded in reducing bad loans is being eroded, and the losses seen on most European markets led to sales at the end of Monday's session at Athinon Avenue, which saw particularly low turnover.

The Greek bourse had a very quiet Friday, recording the lowest turnover since early March, as traders waited for the Eurogroup decision and Moody's verdict on Greece. The benchmark managed to stay afloat even though it ended on the day's low, with the blue chip index turning red.

After a mixed session with gains for most stocks and banks leading the losers, the benchmark at Athinon Avenue reported marginal growth on Thursday, based on corporate developments.

Tuesday's stock gains were wiped out in Wednesday's bourse session, with investors pricing in the European Commission forecasts that take Greece's recession estimates for this year close to 10 percent.

Traders' reaction on Tuesday to two sessions of significant losses for stocks was encouraging for the benchmark and blue chips, but rather disappointing in terms of turnover. The market appears to be waiting for Moody's verdict on the economy on Friday.

Increasing pessimism on the coronavirus pandemic's impact on the economy weighed heavily on most blue chips at Athinon Avenue on Monday, including banks, with the benchmark only just remaining above the 600-point level. Prices also suffered pressure from some negative results issued by listed companies over the last few days.

April ended at the Greek stock market on Thursday with some profit taking by traders who cashed in on this week's rise by specific stocks such as banks. Despite that daily drop, April closed with a 12.54 percent advance for the benchmark, to become the first month this year with an increase for the bourse.

Bank stocks continued their advance at Athinon Avenue on Wednesday, carrying the market's benchmark to a new two-month high, although the low turnover pointed to traders waiting to see how the pandemic will evolve. Stocks were split down the middle between winners and losers.

The benchmark of the Greek stock market rose to a seven-week high on Tuesday as it continued its recovery in tandem with the easing of restrictions on economic activity announced. It appears the market will continue to ebb and flow according to the course of the pandemic even after the end of the lockdown next week.

The Greek economy avoided a credit rating downgrade on Friday, as Fitch, DBRS Morningstar and Standard & Poor's only reduced its outlook from "positive" to "stable," which investors greeted by sending Greek stocks higher on Monday, although trading volume remained low.