Viohalco

The fourth consecutive day of gains at the Athens bourse gave the the benchmark its biggest advance as it climbed close to the 800-point mark, in line with most other markets that were open on Monday. Turnover topped 50 million euros despite the fact that major markets such as those of the US, Hong Kong and China were closed due to holidays.

The Greek bourse only held on to a fraction of its early gains on Friday, but that was enough to break its three-week losing streak and ensure this week came to a positive conclusion.

The Greek stock market's lowest trading volume of the last 13 sessions saw the benchmark suffer moderate losses on Thursday after three days of gains, as traders again appear reluctant to commit themselves to purchases until the picture regarding the coronavirus tempest clears.

Underperforming its European peers, Athinon Avenue was virtually flat at the end of the week's first session as it failed to catch the wave of gains observed in the rest of the eurozone, partly due to concerns about the course of the pandemic in Greece. Losing stocks narrowly edged out the gainers, but most indexes closed with slight growth.

The Greek stock market took last Friday's positive report by Fitch Ratings in its stride. Still, the new strain of the coronavirus has put fresh pressure on stock prices across the continent and most local blue chips took fresh losses on Monday.

A mixed Wednesday on the Greek bourse saw gainers edge out the losers and provided the benchmark with just enough fuel to climb back above the 800-point level, thanks mainly to the growth of bank stocks for the second day in a row.

The impressive rebound by bank stocks led the benchmark at Athinon Avenue back up to within sniffing distance of 800 points, and the risers outnumbered the losers by almost three to one. After three days of decline, it was considered about time for this market recovery, as there is no obvious reason for stocks to head lower at this point.

The benchmark of the Greek bourse slipped to a three-week low while turnover was the smallest in three months on Monday, partly due to a US holiday that kept buyers away. The reopening of brick-and-mortar stores apparently had little effect on the stock market, which is eager for some assurances this will not be a mere blip.

Just like in Tuesday's session, stocks started with gains at Athinon Avenue on Thursday but eventually had to settle for losses. Despite the positive start on Wall Street, the closing auctions at the same time in Athens took the main index lower, beyond -1%, on increased turnover.

The benchmark of the Greek stock market narrowly managed to avoid dropping below the 800-point mark on Monday as investors indulged in profit taking following the recent gains enjoyed by most stocks. All but two blue chips suffered losses, led by banks, in line with most other European markets.