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.
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.