OTE TELECOM

The Greek bourse's benchmark came off Tuesday's three-and-a-half-month lows on Wednesday to show a significant rebound, even if that was on the lowest turnover of the last nine sessions. The day's gains snapped a five-day losing streak, led by non-banking stocks.

Stocks on the Greek bourse enjoyed a rare respite on Tuesday after the pressure of the previous days, regaining some of the ground lost on the day of the US presidential election, with the benchmark all but recapturing the 1,400-point level, on significantly improved turnover too.

Athens-listed OTE telecom group is heading toward the sale of Telekom Romania Mobile, its 100% owned Romanian mobile telephony subsidiary, with a new composition of buyers.

The Greek stock market appeared on Tuesday to escape the downward spiral it has been in almost throughout this month, partly thanks to the easing of concerns internationally about a major deterioration of the crisis in the Middle East.

The reaction of the Greek stock market on Friday to a string of sessions of decline was fairly unsatisfactory, as buyers appeared to be suffering from fatigue that the previous months' advance may have generated, without the catalyst that would trigger a rise. The market has now stagnated between 1,400 and 1,500 points for months.

The Greek stock market completed nine sessions of benchmark losses out of the last 10 on Thursday, with little fresh money coming in and the market being eager once again for some tangible developments such as business deals that have not already been priced in.

The state has completed the sale of a 10% stake in National Bank, and the Greek stock market can now revert to its normal mode after a streak of loss-making sessions, with the historic lender seeing its stock price end up level with the stake's transaction price of 7.55 euros on Thursday. Overall the benchmark at Athinon Avenue closed near the day's low after another selling spree.

The placement of a 10% in National Bank of Greece dominated the interest of traders and outshone the bourse session on Monday. Therefore sellers increasingly played without an opponent at Athinon Avenue at the start of the week, with the benchmark losing a significant portion of its gains registered last week. Even so, September closed with monthly gains of 1.45%.

The Greek stock market continued to rise, in anticipation of the concession of a 12% state stake in National Bank early next week, with the benchmark climbing to a new eight-week high, albeit with the lowest turnover of the last five sessions on Wednesday. 

The question now is whether Athinon Avenue can sustain the levels it has just risen to, over the next few days at least.

Wednesday's rate cut by the Fed predictably benefitted European stock markets too, though Greece's did not follow the upward path at the same pace on Thursday. Nevertheless, it did register gains, on increased turnover too, but traders are still waiting for a domestic catalyst that will give Athinon Avenue the boost it requires to see its benchmark return to the vicinity of 1,500 points.