Ellaktor

The escalation of geopolitical tensions in the Middle East into a regional war predictably sent stock prices tumbling across Europe, including Greece, on Wednesday. The fourth consecutive day of decline for the local bourse came on significantly increased turnover, which highlights that sellers mean business.

A week of significant growth for Greek stock prices ended with minor losses for the benchmark, thereby ending the upward streak of all four previous sessions. Traders resorted to cashing in on recent gains, but maintained turnover at satisfactory levels. Athinon Avenue is clearly anticipating the National Bank stake placement, expected next week.

Stock prices remained on the growth path for a fourth straight session on Thursday at Athinon Avenue, thanks to favorable international sentiment, the extra stimulus from the Chinese government to its economy, the upcoming sale of the state's 12% stake in National Bank and the release of positive corporate results.

Thursday's bourse session at Athinon Avenue proved to be a so-called bull trap, as it attracted buyers at the start with the temporary gains recorded before stocks slumped to losses. This has made it five sessions of decline in a row, with the benchmark approaching the 1,400-point level. The day's action-packed session saw turnover improve considerably.

The benchmark of the Greek stock market slumped on Wednesday to a new month-low, as it has completed four consecutive sessions of decline and traders showed no intention of containing its losses - which may point to more losses.

Greek stocks continued their decline on Tuesday, with the benchmark of the market containing its losses somewhat thanks to the reaction by Coca-Cola HBC (the stock with the highest capitalization on the bourse) and National Bank (following five straight southbound sessions).

For no obvious reason, except for the lack of buying interest, the Athens bourse started the week on particularly low turnover and losses for the majority of stocks. The market may be waiting for corporate developments before some cash flow is restored, a possibility being the upcoming Moody's rating verdict on Greece this Friday, or the European Central Bank meeting on Thursday.

Not only did the benchmark of the Greek bourse recover all its Wednesday losses on Thursday, but it also did it on increased turnover, which confirmed that local stocks are gathering interest again this month. The rise in prices was led by non-bank blue chips, especially those in the energy sector, but extended across the market.

Foreign pressures brought prices down on the Greek stock market from the start of Wednesday's session, but many stocks reacted toward the end and contained their losses considerably. Likewise, the benchmark regained some of the ground lost over the course of the day and its decline upon the close will not concern observers, as it points to a likely rebound. 

REDS, part of the Ellaktor construction group, will enter the hotel sector by undertaking the refurbishment and management of a property on Kifissias Avenue, across the road from the Golden Hall Mall.