Traders cashed in some of the week's gains on Friday ahead of the announcement of the first-half results by the systemic banks that should shape the new week. The day's decline reversed the weekly gains into losses, while the market had already priced in the favorable stress test results of the systemic banks, announced after the conclusion of the session.
The vast majority of Greek stocks ended Thursday's trading session with gains, but some non-bank blue chips held the benchmark back from hitting a new nine-year high and the 1,350-point level, which remains elusive for now. The positive messages from the US Fed and the European Central Bank create a favorable climate for further price growth in the coming days, analysts note.
The Athens bourse reverted to its rising course with renewed strength on Tuesday, as the benchmark of the market climbed to highs unseen since early April 2014 thanks to the positioning of several investors in local companies ahead of Greece's much-anticipated credit rating upgrade. Still, the main index stopped short of the 1,350-point mark, closing three points off the mid-session high.
Concerns over Greek tourism, given the forest fires on Rhodes and Corfu, put an end to the rising streak of the Athens stock market on Monday, with the indexes suffering small losses and the losing stocks outnumbering the gainers, on reduced turnover too. Still, Aegean Airlines recorded a new historic high on the day.
A number of energy and industrial blue chips kept the Greek stock market benchmark on a positive course on Friday, in the face of the decline of the majority of stocks and the banks index. The main index ended the week at another nine-year high through its marginal growth, which revealed fatigue on the part of traders and the resilience of some index-heavy stocks.
Even without the support of bank stocks, the Athens bourse benchmark soared to yet another nine-year high on Wednesday, in line with the positive mood across eurozone markets. Four out of the 21 non-banking blue chips closed at historic highs, also helped by the Scope Ratings report about the growing prospect of Greece regaining investment grade.
Stocks at the Greek stock market nosedived the day after the general election, though the reasons for the biggest benchmark drop in the last three months are related to external factors: the worries about stability in Russia, following the Wagner mutiny last weekend, and the subdued mood across European markets made the early euphoria at Athinon Avenue evaporate, with stock sales gathering pace
The Greek bourse continued on its up ward trajectory on Wednesday, breaking yet another nine-year record through the support of mid-caps and non-banking blue chips. Athinon Avenue was on the same page as most eurozone bourses, which followed Tuesday's Wall Street rally. This was the eighth consecutive session of gains for the main index, which is now eyeing the 1,300-point milestone.