Lamda Development

The Greek stock market rebounded on Wednesday, driven mainly by Piraeus Bank and other lenders, but the daily turnover showed a significant decrease from the previous days, which is partly explained by the simultaneous reopening of a state bond.

A deal between Prodea Investments, Lamda Development and Costeas-Geitonas School (CGS) for the construction of a new campus on the former airport plot at Elliniko on the capital's southern coast appears to be on the rocks, as sources have indicated that Prodea is unlikely to carry on with the plan.

The sixth consecutive session of gains at the Greek stock market brought the benchmark not only to another 13-year high, but also above the 1,400-point mark, on significantly increased daily turnover too. All this was before the entry of the 300 million shares of Athens International Airport, which is scheduled for Wednesday.

Despite the attention the new 10-year bond issue garnered on Tuesday, the index and the trading volume rebounded at Athinon Avenue, driven by the growth of Piraeus Bank, which reached a new high. The momentum remains positive at the Greek bourse and, despite the temporary ups and downs, the underlying trend points to significant gains for the year that is now one month old.

Tuesday's decline at the Greek stock market was widely anticipated following eight consecutive sessions of gains for the benchmark that came off Monday's 10-year high. Traders cashed in recently accumulated profits, with the main index posting its biggest daily slide in three months.

The inflow of real estate investment companies (REIC) into the stock market will continue in 2024.

After the stock listing first of Trade Estates REIC, of the Fourlis group, and recently of Orilina Properties REIC, three more companies are in line. They are Noval Property REIC, of the Viohalco group, Intracom Properties and Lamda Malls, of the Lamda Development group.

The Greek stock market benchmark came off a 12-week high on Tuesday to post minimal losses, in what was a mixed session that saw banks return to price growth and the majority of stocks heading lower, while turnover remained at Monday's high levels.

The fourth straight day of gains for the benchmark at the Greek stock market saw banks and certain blue chips leading the way, as opposed to the blue chip index, which posted a minor loss. Most of the action focused on the credit sector, which is seeing plenty of activity in stake sales these days, attracting the strong interest of foreign traders.

Athinon Avenue recorded a third successive day of gains on Wednesday, on the back of Tuesday's major rise, though this time traders appeared to be more interested in carefully taking positions than spreading their buying across the board. This was also reflected in the day's turnover, which was reduced compared to the two previous days.

Greek stocks suffered yet another slump on Thursday, with their losses growing as the day progressed, with floods in central Greece and the postponement of the prime minister's speech in Thessaloniki not helping stocks recover. Friday's DBRS Morningstar credit rating report on Greece could change all that.