GEK Terna

If its first session for the year is anything to go by, the Greek stock market can expect a great 2018, as its benchmark added 2 percent on Tuesday to its closing for 2017, reaching a new four-month high. Led by Piraeus Bank, the local bourse bucked the trend seen in the eurozone at the start of the year.

Wednesday's sixth consecutive session of gains for the benchmark of the Athens stock market took it to a new three-month high, on respectable turnover and significant gains for the majority of blue chips, including banks.

A late surge by Greek stocks on Tuesday offset the losses racked up earlier in the session, leaving a balanced picture at the end of trade as the benchmark rose for a fifth session in a row. However, the continued slide in trading volume has dimmed the prospects of a "year-end rally."

The continued drop in sovereign bond yields and the growing effort to dress up portfolios before year-end saw the majority of stocks chalking up more gains on Friday, when trading surpassed the 100-million-euro mark for a second day. The banks index has now covered all of this year's losses.

The construction sector looks set to see infrastructure projects worth 1.5 billion euros starting next year, offering a much-needed lease of life to the battered domain that is also focusing on important tenders set to be proclaimed or completed within 2018.

The drop in Greek bond yields and window dressing efforts in the approach to year-end contributed to a healthy rise in stock prices at Athinon Avenue on Wednesday, while two package transactions for Eurobank and Grivalia Properties sent trading volume soaring.

As the year starts to draw to a close many funds have either stopped trading their securities or are engaging in some window dressing, boosting their performance. This serves to explain the growth seen on the local bourse on Friday, after progress in the third review had already been priced in.

While most international stock markets are experiencing big gains and historic highs, the Athens bourse remains stagnant as the Greek economy has yet to rid itself of lingering uncertainties and political obstacles. Consequently the trading week at Athinon Avenue ended with weekly losses of 1.59 percent while the banks index fell 5.13 percent.

The release of the provisional figures for the state budget took the wind out of the Greek stock market's sails on Monday, moderating prices and clipping the trading volume well below the 50-million-euro mark, partly due to Moody's decision not to issue a review of its credit rating for Greece last Friday.

Greece has appointed Riccardo Lambiris as the new chief executive of its privatization agency, which is trying to sell assets to comply with the terms of the country's bailouts.