Viohalco

The benchmark at Athinon Avenue declined on Thursday for a third session in a row, although it actually managed to contain its losses upon closing largely thanks to the robust showing by OTE. The day's drop was partly due to the dividend that Eurobank distributed and partly because of the continued pressure on US technology stocks that has had a global impact.

Greek stocks retained their upward course on Friday, but the day's turnover was even lower than Thursday's, recording the smallest daily trading volume this year. Action is projected to pick up next week after the conclusion of the French elections, which appear to be holding investors back for now.

The anticipation of more interest rate cuts by the European Central Bank appears to have boosted stocks at the local bourse on Thursday, on a day with the lowest turnover in 2024, owing to the holiday in the US. Banks outperformed and remained the market's driver, though this time the rise was universal among the various sectors of listed companies.

Stocks bounced back on Wednesday after Tuesday's decline, although trading volume remained at a low level, reminding observers that July is nothing like June when it comes to turnover, barring any unforeseen circumstances. Thursday may well see less action given the national holiday in the US and the general election in the UK.

On a day of reduced turnover, the Greek stock market recorded losses on Tuesday following two days of growth, in what seemed like a full reversal of Monday's rebound. More than just cashing in on recent gains, traders sent bank prices into a nosedive, partly due to the downgrade of JP Morgan's guidance on Greek stocks from "buy" to "neutral."

The French election result that diminished the possibility of the far-right governing alone, boosted eurozone stocks on Monday and offered the Greek bourse some much-needed fuel for further recovery, greater than last Friday's. Banks continued to drive price growth, helping Athinon Avenue make a very positive start to the year's second half.

The tremors on bourses at the heart of the eurozone reached the bloc's outskirts too on Friday, with stocks at Athinon Avenue losing significant ground and the benchmark taking a nosedive to a two-month low, on a day of increased turnover due to the extensive sell-off. If the upcoming parliamentary election in France generates more uncertainty there, the effects will also be felt in Greece.

Despite the rather strong start to Wednesday's bourse session, stocks had to settle for small gains by closing, since the buyers appeared to run out of steam as the day went by at Athinon Avenue.

May was the month when the benchmark of the Greek stock market temporarily topped the 1,500-point level to register a 13-year high, but on a monthly basis the year's fifth month recorded a decline of 1.15% after Friday's fresh losses at Athinon Avenue.

Signs displayed by some stocks that there might be a rebound of the Greek bourse on Thursday proved to be short-lived, with the benchmark reverting to red and staying there up to the session's closing, before Friday's closure for the month, the MSCI index restructuring and the verdict by Fitch on the Greek credit rating.