Viohalco

Unfazed by news of a German recession and a US credit default threat, the Greek stock market reverted to its upward trajectory on remarkable trading volume on Thursday, recapturing the 1,200-point level, with the help of growth in bank stocks. The universally positive first-quarter results of listed companies also contributed to the price growth.

The closing auctions turned things around at the Greek stock market on Tuesday, at the start of the trading week, offering the benchmark marginal gains despite the majority of stocks ending up in the red. International banking concerns appeared to have minimal impact on local credit sector stocks, while construction companies led the rebound.

After a very narrow session at the Greek stock market, with few fluctuations, the benchmark posted minor losses on Thursday, as the bourse appeared to be lacking clear direction, hence also the further reduction in turnover. Foreign pressures due to international concerns about the credit sector were offset by consecutive reports that praised the local market.

The Greek stock market returned from the Easter break with more appetite for growth, as on Tuesday its benchmark climbed for the 11th session in a row.

A day before the end of the year's first quarter, the Greek stock market regained some more of the ground lost in previous days and appears to be regaining some of its January and February momentum - which for some can be attributed to Q1 window dressing.

Friday's session at the Greek bourse proved to be a bull trap, as after the halfway point the early gains swung to losses and the majority of stocks closed the week with a significant drop - in line with the fall of the Credit Suisse stock in Zurich - in what was the second straight week of prices shrinking at Athinon Avenue.

The Greek stock market came off Wednesday's 101-month high to see its benchmark post a notable decline that was eventually smaller than its mid-session losses on Thursday. A late stop-loss reaction that culminated during the closing auctions arrested the decline of the main index, but losing stocks outnumbered the gainers by three to one.

Banks supported the fresh increase of the Greek bourse benchmark to another eight-year high on Wednesday, as the trend of the local market remains upward in spite of the odd case of cashing in the significant gains of the last few weeks. Some more extensive profit-taking appears overdue, but buyers continue to have reasons for raising stock prices.

Non-bank blue chips outperformed on Friday at the Greek stock market to take the benchmark to yet another eight-year high, with the wave of stock buying that started in late December continuing unabated. In these first four weeks of the year the main index has added just under 10%.

The benchmark of the Greek stock market may have seen its rising streak snap on Tuesday, but that was only marginally, as its decline was negligible and the overall course appears unchanged, despite the minor profit taking on the day. The maintenance of turnover at a relatively high level also bodes well for the next few sessions.