Viohalco

The Greek stock market quickly shook off the effect of renewed tensions in the Middle East and reversed its early losses to head higher at the end of a very interesting week regarding the future course of Athinon Avenue.

Concerns over a possible expansion of the war in the Middle East, with the involvement of Iran, weighed on the Greek stock market, inflicting losses on the benchmark on Friday. Even so, the index narrowly maintained the 1,400-point level and got to close the week with net growth, with turnover also rebounding.

The Greek stock market rebounded on Monday, following last week's decline, with most stocks securing significant gains, led by banks.

As a result the benchmark regained the 1,400-point level, ending the day not far from the session's high. The report by the Bank of Greece, which undercut the government's growth estimate, did not seem to affect the mood of the market.

Viohalco subsidiary Noval Property REIC is eyeing the creation of a portfolio estimated to be close to 1 billion euros by the end of the decade, from €571 million today. For this purpose, the company has designed a €340 million investment program which foresees the development of its own properties as well as the acquisition of third-party assets.

The imported concerns, such as the losses at the start of the Wall Street session, the growing tension in domestic politics and the recent fatigue of buyers led Greek stocks to a significant decline on Tuesday after the four-day recess.

March proved to be the first month of decline - albeit marginal - after four months of growth for the benchmark of the Greek stock market, which dropped just 0.17% from end-February. In the last session of the local bourse ahead of the four-day recess, most stocks posted gains despite the decline of the banks index.

The index rebalancing, the constant rally of stocks in recent weeks, the decline of Piraeus Bank (the protagonist of the past week) and the reservations investors showed in foreign markets contributed to a day of major losses at the Greek stock market on Monday, which brought the benchmark below the 1,400-point mark on unusually high turnover.

Stocks at the Greek stock market continued their mild decline on Wednesday for a second session in a row, with a number of blue chips posting a decline and only a few resisting the pressure that could have brought the benchmark below the 1,400-point mark. The week continues in a quiet mode ahead of next week's expected placement of the state's 27% holding in Piraeus Bank.

Greek stocks showed little movement on Monday, with the benchmark and the mid-caps edging higher while banks posted a decline, on a day of significantly reduced turnover. Rising stocks narrowly outnumbered those which declined, with the market hoping for corporate news that would give it some direction.

Stocks took a dive at Athinon Avenue on Wednesday, though they had largely recovered by the close of trade.

Buyers appeared to skip most of that session, with interest focusing on the upcoming placement of the 27% stake the state still controls in Piraeus Bank, expected in the first week of March.