GEK Terna

As Greece draws closer to having its bailout support extended, the bourse enjoyed a fourth consecutive day of gains on Wednesday, with the benchmark climbing back over the 1,000-point mark to its highest point since October 9.

The Greek bourse continued rising on Thursday, albeit at a much slower pace due to investors exercising caution ahead of the results of Athens’s negotiations with its creditors and Fitch’s credit rating report.

The benchmark of the Greek stock exchange has added more than 8 percent in just two sessions, climbing almost 40 points on Wednesday on reports that the government is close to reaching a deal with its creditors and that international credit rating agencies are about to upgrade Greece.

The local stock market saw little reason to buy into Friday’s news of the country’s official return to growth, with the weak momentum abating but taking the benchmark just over 890 points while trading volume ended at the lowest level of the last seven sessions.

The Athens stock market posted gains on Thursday, in line with most of its international peers and stretching its rising streak to five sessions on slightly improved turnover.

Azeri state energy company SOCAR said it expected to close a deal to purchase Greek natural gas grid operator DESFA in early 2015, anticipating that it will clear an investigation by the European Commission.

SOCAR was the only bidder in a tender for DESFA last year, offering 400 million euros ($501 million) for a 66 percent stake.

The Greek bourse bucked the trend set by most other European stock markets on Monday, enjoying healthy gains, albeit on thin turnover.

With the third-quarter results edging closer for most listed companies, observers consider encouraging the fact that the benchmark closed the session on the day’s high.