Cenergy Holdings

A few hours after the Dow Jones posted its biggest decline in percentage terms in a year at the New York Stock Exchange on Thursday, the Greek bourse reverted to a southward course on Friday, dropping further away from the 1,500-point milestone it had achieved last Monday. Traders may already be considering the upcoming verdict by Fitch in less than a week, on May 31.

Despite the drop of the blue chip index, the banks index, mid-caps, turnover and the majority of stocks on the Greek stock market on Thursday, the benchmark at Athinon Avenue managed to remain in positive territory by the closing, ending the short streak of the previous two days. That small rise is attributed mainly to energy stocks.

The Greek stock market took a step back on Tuesday after its Monday rally that had seen it register a new 13-year record high for its benchmark above 1,500 points. Non-bank blue chips appeared to suffer most of the pressure, while banks and the industrial stocks of the Viohalco group fared comparatively better on the day, which also saw increased turnover.

The benchmark at Athinon Avenue has finally reconquered 1,500 points, after more than 13 years, in what was a historic session for the Greek stock market. Banks drove the main index higher, carrying the blue chip index along, while the mid-cap index was virtually a non-mover and the rising stocks outnumbered the losers by the smallest of margins on Monday.

A multitude of blue chips cooperated on Wednesday at the Greek stock market to send the benchmark to highs unseen in more than 13 years. Led by National Bank of Greece, the banks index was the protagonist of a session that brought Athinon Avenue back onto the path toward the 1,500-point level that is now within striking distance for the main index.

The benchmark at Athinon Avenue continued its growth on Friday with yet another 13-year record, bolstered by banks and certain other blue chips. However, the trading volume was significantly reduced from Thursday, with turnover dropping to the lowest level of the last 10 sessions.

The Greek stock market returned from its five-day holiday with a jump in prices that sent the benchmark to a new 13-year high on Wednesday, on significantly increased turnover too. Led by the blue chips of the Viohalco group, Cenergy and the National Bank of Greece (NBG), Athinon Avenue has risen to such heights as to consider the benchmark of 1,500 points for its main index.

As the month draws to a close, and with it the period of the year's first four months that is taken into account for the rebalancing of stock indexes, stocks entered the short week (of just three sessions) with a mixed picture: Banks and blue chips ended up lower, but the benchmark, bolstered by mid-caps, managed to offset all losses and close with marginal gains on Monday.

The generous incentives provided in the US Inflation Reduction Act (IRA) is not lost on extroverted Greek businesses.

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.